A friend of mine is a global investor. He buys stocks in Brazil (with loss) and in China (with big loss). But this does not prevent him from investing in other emerging markets. In May 2014, he made a research on Gasprom (ADR code OGZPY), the russian petroleum giant (big brother to Petrobrás). The state controlled company supplies natural gas through pipeline to Ukrania and Europe. On 6/5/2014, the stock was traded at $ 7.34 (OTC exhange, N.Y.) with a P/E ratio of 2.5. The 5 year high is $ 17.40, low $ 6.50. So he decided to jump in and bought the stock at $ 7.70.
On 24/06, Gasprom rose to $ 9. An unrealized profit of 17% in less than 2 months. Then came the surprising news that Russia and China, after decade of negociation, finally agreed on a $ 400 billion deal. Russia wil supply China with natural gas through a new pipeline to be contructed with an investment of $ 22 billion, though it is not clear how the construction of pipeline will be financed.
After Brazil, China and Russia, the next move should be India, where te BSE Sensex Index closed at record high on 20/05/2014. One could not invest in all the countries of the world, but at least my friend accomplishes his target of diversification by investing in all BRIC countries.