The dark side of the BRICs

Emerging market stocks have been the stars of the global market rally, and the BRICs (Brazil, Russia, India, and China) have set the pace.

Since their lows in late October 2008 -- they bottomed a few months before the U.S. market did -- the MSCI Emerging Markets index has soared 116%, while the MSCI BRIC index has skyrocketed 150% (all measured in dollars).

That makes the Standard & Poor's 500's 65% gains from its March lows look like chump change.

In the past year, Brazil has been on fire, surging 139.5%. Russia and India are close behind, with advances of around 115%, and China is the "laggard," with a mere 94.5% gain. (more)