JJC:    What happened today... the 257-point decline... It's exactly why I made this "Warsaw Pact Week"...

It's a day when some of you might feel like giving up... just quitting, because it's so hard...

I've given you four stocks so far, that are plays on the five-year-plan style of growth...
See Monday's pick here...
See Tuesday's pick here...
See Wednesday's pick here...
See Thursday's pick here...

Coming out of the countries coming out of the former Eastern Bloc... Russia is not America... Our woes really have very little, if anything, to do with them at all. They have not bought our mortgages...

It's all part of a broader trend on this show to talk about international stocks, so that you have less exposure to the U.S., avoiding the pain caused by our recessionary economy, and our Federal Reserve whom we said last year maybe should be a little more worried.

This has been, and will continue to be, a constant theme on this show, because I believe you need as much as 20% of your portfolio... to be in overseas stocks... because our country, at times, has become the pitiful, helpless giant that Cramer's fave cold warrior, (former President) Dick Nixon, hinted at some 35 years ago...

Today, I've got a company that blankets Eastern Europe... at least as well as the Red Army in 1945... CETV, a TV network in the Czech Republic, where it has 43% market share... Slovakia, it has 40% share... Romania... with 25% share... Ukraine, with 18% share... and then two countries that used to be communist... but owe no allegiance to Joe Stalin... Slovenia, where CETV has a 42% audience share, and Croatia, where it has 20%.

It really dominates in a lot of these countries...

We've actually recommended this stock way before now... November 29th of 2005... See complete comments here >>...

It's up 61%... That gives us Russian Boulevard cred...

The countries where CETV operates are all growing well right now, which means that advertisers are thrilled to buy ad space... The Czech Republic growing at 4.6%... The Ukraine at 5.4%... Slovenia, a little lagging, at 3.4%... Romania, 6%... Slovakia going crazy at 7.3%.... Croatia at GDP, 4.7%...

What are we growing? Zero, right!...

These are economies, unlike this one, are where you want to be running a television company, plus, these markets are very under-penetrated, leaving CETV with what looks like, to me, a lot of room to run. You have to understand that these are countries chock full of ideal consumers... people that are getting richer... and are just beginning to buy Jimmy Chou shoes... They're not hiding under their beds, eating saltines to save Rubles, like we are in the U.S....

This company is also buying out their minority investors in the Ukraine, where it owns 60% of its networks. The CEO has said that EBITDA... from Ukraine would almost double, if the network were wholly owned... Wow!... I mean, that's the potential breadbasket of profits...

This is the exact same thing they did in Slovakia, where revenue grew 48% last quarter... This is the antidote to all the TV and radio and media companies that go down everyday... This is where you've got to own media...

Plus, there's CETV's internet division. It isn't making money yet, but it's got websites in Croatia and Romania, and they're leaders in those countries... Paid users for the whole division are 200% year over year... This could be very big if CETV gets better at monetizing it.

Hey, opportunity... The stock's off (i.e., down in price) big... They did a convertible bond deal. I wouldn't worry about it one bit, because it converts well above where the stock is now.

Valuation... way too low. 16.8x expected earnings... 31% growth rate!... I call a cheap when it has good fundamentals and the multiple is below the growth rate. I mean, this is so far below the growth rate, I can't really believe it...

31% growth is just outstanding in a low-growth world. I'm jumping up and down on this one... like a newly-released prisoner from the Gulag... where reception is just awful...

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The Bottom Line!:      Get into Central European Media Enterprises (CETV) while it's cheap, because I believe this is one of the best ways to play the embrace of capitalism in the former Eastern Bloc, as well as parts of the former Yugoslavia...