"As a global investor, what I now want to see is Brazil turn into more of a growth story. The tax burden needs to come down from current 50% levels, public spending needs to be cut , and corruption needs to be sharply curtailed.

"If Brazil even takes small incremental actions to address these issues, global investors will take note and the Brazil EWZ exchange-traded fund will continue its upward trend. If interest rates decline as well, it could be another impressive year for investors who don't forget that BRIC begins with Brazil."

Also bullish on Brazil is Martin Weiss. The editor of Safe Money Report not only grew up in Brazil, but with his wife's family living in São Paulo, he has visited Brazil almost every year for three decades. He says, "I know the country well. I am in close touch with its strengths and fully aware of its weaknesses. And I can tell you flatly: Brazil is about to take off."

"Brazil is almost as big as China, boasts more natural resources, enjoys a broad, modern industrial base and is closer to the U.S. culturally, politically, and geographically. And, it is still in the pre-take-off stage, giving new investors an opportunity to catch a ride without overpaying.

"Starting four years ago, Brazil's President, Luiz Inácio Lula da Silva, transformed the country from one of the world's most fiscally shaky nations into a model for fiscal responsibility. Lula's second term, which began last month, is kicking off a whole new series of economic reforms.

"Until now, for example, Brazilian entrepreneurs had to plow through endless amounts of red tape to start a new business and then pay at least eight different taxes to operate one. But starting this year, they will enjoy vastly simplified rules for incorporation -- just one, lower tax instead of eight -- plus double the supply of credit. Already, new projects approved by the national development bank have surged 36%.

"This investment explosion is key. Without it, China and India would not be where they are today. With it, Brazil is, right at this very moment, revving up for an economic take-off that could rival China's and India's. It won't happen overnight. But with surging investment, Brazil's economy has the potential to steadily accelerate to China-like growth levels by the end of the decade.

"You can either wait for Brazil to take off and pay much higher prices for Brazil-based investments. Or you can act now and pick up Brazilian companies that are selling for lower price-earnings ratios than the equivalent companies in other emerging markets.

"Petrobrás Brasileiro (NYSE:PBR) has risen 12 times faster than the Dow in the past five years. It supplies oil and natural gas to refineries in Brazil and sells surplus production in foreign markets. It refines, transports, exports oil, owns petrochemical companies and fertilizer plants, and invests in natural gas transportation and distribution.

"Companhia Vale do Rio Doce (NYSE:RIO) has risen 591% over the past five years -- 24 times faster than the Dow. It is the world's largest producer and exporter of iron ore and pellets, the world's second largest producer of nickel, manganese and ferroalloys, and one of the world's lowest-cost integrated producers of aluminum."

Steven Halpern's TheStockAdvisors.com provides a free, daily overview of the latest stock ideas from the nation's leading financial newsletters.