I think this falls into obvious category: In a year when the GDP growth was higher in emerging economies, companies that built markets in those countries were likely to do better.
Business Week reported on a Goldman Sachs report that showed that the 50 companies in the S&P 500-stock index with the highest revenues from international sales (a median of 68% from outside of the US, vs. a median of 25% for the total S&P 500) returned an average of 51% in 2009, vs. 26% for the S&P 500 overall.
Their mild comment: ‘The trend may well continue. Goldman strategist David Kostin favors “firms with high sales exposure to Brazil, Russian, India and China…given the significantly higher GDP growth outlook.”‘
What a difference a few years makes. In the past, business saw the BRIC countries as being primarily a source of lower operating costs, and companies with significant sales in the BRIC countries were viewed as having a risky strategy. What will see in another decade?