Invest in the BRIC countries? Sure. Many if not most financial planners devote some client assets to stocks from Brazil, Russia, India and China, which have propelled emerging-markets funds to spectacular returns over the last decade.

But what about investing in the next layer of BRICs-which might include stocks from Bangladesh, Romania, Ivory Coast and Cambodia? These frontier markets might develop into tomorrow's emerging economies. Or sink into oblivion.

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