How Now Brown Cow?

Saw this very interesting comments posted by Ms.Claire Barnes of Apollo Investment Management. ( website: http://www.apolloinvestment.com/index.html )

6 Mar 07:The possibility of 'reversing Indonesia's anti-corruption drive' may set off a few warning bells for investors in a stockmarket which has more than quintupled over 4.5 years. Institutional integrity is not only important to economic efficiency; the number of problems over the years relating to security of company ownership and enforcement of contracts suggests to us that the valuation of shares should be discounted relative to other also-imperfect South-East Asian markets. More fundamental legal reform than ever seemed likely would have been desirable, but even the progress which was made now seems to be fizzling. Other market participants clearly take a different view of the risk-reward balance, but the fund is out of Indonesia for now - for stock-specific reasons, as ever, but there seem to be more promising places to seek replacements. Dissenting views, anyone?