Russia offers the biggest premium in the world after Norway for investing in stocks rather than government bonds, according to equity risk premium data compiled by Bloomberg. Russia’s premium, calculated as the difference between the weighted average internal rate of return for the Micex Index and the yield on 10-year local-currency bonds, now stands at 14.5 percent. That compares with 18.2 percent for Norway and 12.7 percent for Italy. In Brazil, investors can make more by investing in bonds than in stocks, the data show.

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