"Looking from outside in, Thailand seems to be a capitalist country," he said. "But from inside out, we are on a quest to set up regulatory barriers that make foreign investors feel they are unwelcome. Ironically, even China and Vietnam, countries run under a socialism regime, are more and more open for foreign investors to enter their markets."

The state-run energy conglomerate PTT itself is another ironic story. PTT stock dominates 25 per cent of the market capitalisation in the Stock Exchange of Thailand. It's in the energy business, which has been making huge profits for shareholders. Investors are happy with the very high-yield dividends.

PTT consistently has plans to expand its business, whether the economy is heading upward or downward. It's one of the few Thai businesses that makes headlines as an international benchmark. Analysts believe the company's growth prospects look bright.

But the price-to-earnings ratio of this blue-chip stock ranges from just 5-6, below the mean calculated by securities analysts. Even Prasert is concerned about that.

Maybe he is right. Things are really turning upside down, downside up, outside in and inside out. Hopefully, all these unusual developments will beam some light at the end of the tunnel sometime soon.