January 2016 was one of the worst January months ever in history. Worldwide developed equity markets went down by 5%, some stock markets even up to 10%. For emerging markets the suffering was even worse, especially China. Chinese markets lost almost 25%. For Russia it was also a difficult time: the fall of the oil price made the Rouble set a new record low against Euro and US Dollar. In the portfolio we halved our positions, however it was not enough to stabilize the portfolio. Much seems to depend now on the development of the oil price. This commodity seems to be critical for a positive sentiment on the emerging markets. At the end of the month the sentiment on the Turkish market was turning, our indicator gave a buy signal.