All investments have risk.  Not being in a investment has risk, lost opportunity.  This notion of BRIC, or foreign markets, or emerging markets being risky is very US centric.

Is it better to invest in CD's when inflation will ramp up or to be in equities?  Will the dollar stay low or rise over the next 2 yrs?  Will the canadian dollar be worth more than the US dollar?

In the 70's did you invest in Japan?  Did the US companies see the market for TV's, camera, radios, stereo's, cars, trucks, machine tools, clothing, evaporate into foreign dominated companies?  We thought star trek communicators were a long way away, (cell phones).

Did IT workers see the shift to Indian call centers? Where are the chips made in all the electronics today? Where do we get our natural resources from?

Will BRIC countries continue?  good question, are you willing to sit on the sidelines?

For me risk is putting all your eggs in one basket.  It is thinking things will be just like they were in the past.  If things were the same, my lifestyle, my monthly budget, my electronics, toys etc would be like they were in the 70's. I'd have 8 track tapes, records, instead of vcr tapes in my closet.

I plan on a changing world, with the hope of being right some of the time.  If I choose, and after some time I determine it was a bad choice, I adapt.  Business has shown me those who are nimble and adapt the quickest are the winners.  The losers are those to refuse to accept change.