No hurt feelings, matjone. The fact is that investing in Slovenia or in other “similar” markets (Eastern Europe, south-east Europe or even Russia, etc.) is, everything else being equal, riskier than in other “developed” markets.
I do not think that WB would invest in these countries even if the size of the companies were appropriate and selling at very low valuations. On his visit to Europe he was asked if he would consider investing in the Czech Republic. He diplomatically said no.
Many factors play a role in the relatively low prices in SLO: economic challenges, cultural issues, corruption, rule of law or lack thereof, state control of the economy, size of the market, lack of liquidity, lack of foreign investors, non-shareholder friendly culture, relatively low profitability (most companies have ROE lower than 10%).
That said, Slovenia will not disappear and at a right price there might be some interesting risk-adjusted opportunities.