Well, first of all, I should say that I don't really count the BRICs as emerging markets. They are too big for that.
Instead Goldman Sachs has identified 11 other countries that could replace the BRIC. Curiously, WSJ article only gives the names of Nigeria, Iran, Mexico, Vietnam, Indonesia, and Turkey. So I guess BRIC will be replaced soon by NIMVIT......
Of course, just a change in definition does not rob the markets of their potential. BRIC countries are going to dominate the world economic growth for a long time to come and companies would turn a blind eye to the raw potential of these economies at their own peril.
Besides, with players such as Nigeria and Iran in the new list, it will be a while before many American companies are able to embrace the new definition of "emerging markets".