I've just returned from the World Money Show, where more than 10,000 investors gathered to learn about global investing. I had a chance to meet with many of the advisors featured at the show, and I have been highlighting some of their favorite investment ideas. To view all of the stocks featured in this special global report, click here.

"Investors in Russia had more than New Year's Eve as a reason to party as 2006 came to an end, notes Ian Wyatt. "The Russian stock market closed at an all-time high, capping a year in which the dollar-based benchmark Russian Trading System index gained 70%."

The editor-in-chief of Big Idea Investing explains, "In most developing countries, such a gain would usually be a sign of speculators gone crazy, and a stern warning to take your money and run before the inevitable collapse.

"But that doesn't necessarily apply here. The MSCI Russell index has soared almost 500% in dollar terms over the last five years. Some of these returns stem from the rise in oil and gas prices, two commodities of which Russia has enormous reserves.

"It's a long way from 1992, when almost overnight the Soviet Union imploded. Fuel was added to the fire by oil prices, which had started a long climb to record levels. From just $8.8 billion in 1998, revenues from oil exports soared to more than $58 billion by 2004.

"Ford (NYSE:F) and Toyota (NYSE:TM) already have car plants in operation, and will soon be joined by General Motors (NYSE:GM). Coca-Cola (NYSE:KO) has made significant investments, and oil giant ConocoPhillips (NYSE:COP) said it plans to almost double its investment over the next decade to as much as $15 billion.

"Still, a stomach for volatility remains a prerequisite for investing in Russia. One concern is just how much the market is leveraged to the price of natural resources, given its 69% exposure to oil and gas.

"The biggest damper on unbridled enthusiasm has been that Russia is riddled by corruption. At the same time, there is a genuine and widely held desire to keep the nation on the path to becoming a modern economy. But it's this transitional nature that makes Russia such a potentially profitable place to invest.

"If you're confident in both Russia and the outlook for oil and gas, you can invest directly in several energy stocks. American Depositary Receipts are traded for oil giant Lukoil (Other OTC:LUKOY), as well as the enormous gas utility Gasprom (Other OTC:OGZPY). Together, these companies alone account for a third of the RTS index.

"There are also a few funds that invest solely in Russia, such as ING Russia (LETRX). For more diversified funds, look for those that can invest in other Eastern European countries as well as Russia.

One candidate is Julius Baer International Equity (JIEIX), which is rated five-stars by Morningstar. Another strong performer is U.S. Global Investors Eastern Europe (EUROX), which has just under half of its $1.3 billion of asserts in Russian.

"Regardless of how you do it, investing in Russia is not for the faint of heart. But it's the volatility -- and the fact that it's early days both for Russia's economy and the development of its natural resources -- that offers profitable opportunities to nimble investors."

Steven Halpern's TheStockAdvisors.com provides a free, daily overview of the latest stock ideas from the nation's leading financial newsletters.