Egypt has gone to hell in recent days, as the revolution has given way to sectarian violence that has left at least a dozen dead.
Another problem: The economy is going to pot. Growth has stalled out, and deficits are blowing out.
In a note out today, Citi urges its investors NOT to invest in Egypt, even though its market is at post-Mubarak lows.
One reason, compared to other countries that have experienced major volatility, Egypt isn’t even that cheap.
Here’s one perspective. During periods of crisis, Turkey and Brazil saw much cheaper PEs relative to other emerging markets.
So yeah, don’t Buy The Dip!