Within emerging markets, arguably the BRICs-Brazil, Russia, India, and China-off er the greatest potential for future growth. ese four countries contain half the earth’s population and stand to benefi t the most from scale eff ects as large corporate champions evolve. eir wherewithal to dramatically reshape the global status quo is evident since the beginning of this millennium as the BRIC economies grew from a third to half the size of the U.S. economy. Equity market performance and capitalization exploded in unison. An obvious question for investors is: Can the superior returns posted by the BRICs continue and, if so, by how much as their economies and capital markets continue to evolve?