I have been gradually selling shares in an ETF tracking DJ Rusindex Titans 10 and have now completed offloading all of them. To begin with that was a high risk investment as there was only 10 stocks in the ETF and about 70% of them from oil & gas sector.
While I expect that best returns in really long run (30 years) will come from BRIC countries, I have sold both Brazil and Russian ETF now and only hold small positions in ETFs tracking stock indexes in India and China. The particular euro-denominated Brazil ETF tracking Ibovespa index that I used to have, has already surpassed its pre-crisis top. The Russian index has also had pretty spectacular gains already. Enough for me, for now.
BRIC indexes are likely to hit hard if there will be a double dip / new recession. And I believe there will be soon enough. I don't think the situation is "normal" as interest rates are abnormally low AND most of the western world has unsustainable deficit levels. Not to mention the overly bullish sentiment.
Each passing week I have become more bearish.