"There is value in the market for very well-located retail assets in secondary markets, where there are high barriers to entry and good demographic fundamentals, " he says.

WSJ: Plots & Ploys: Hole-Sale Real Estate

Located two metro stops from Red Square, the Ozerkovskaya Hotel offers (relative) value for money.

BBC: Mini guide to Moscow, Russia

In other words, cap and trade would be a boon for carbon-intensive electricity producers--at least those located in unregulated electricity markets--because they raise rates to reflect the market value of those allowances.

FORBES: The Climate Change Trap