VALUES

BREAKING APART THE BRICs:Credit Worthy ConsiderationsThe emerging-market middle class is not a single segment. Money andspending patterns offer indications of how to treat them differently.China•Infrastructure for distributing & monitoring credit largely in place & cardownership over 50%. – watch revolving credit growth.India•Infrastructure greatly lacking, but innovative mobile based distributionpossible - watch the social welfare distribution program’s impact.Brazil•Younger generation has watched its elders over-extend. Watch for a save& spend resurgence.Russia•Spend for today – at least bank creditors don’t break kneecaps.