European stocks beat US when forex counted.
We are bombarded by "S&P at new highs". But it's MONEY ILLUSION. By staying in US stocks, you are getting relatively poorer. Yes, in $ terms, the S&P is up 5% YTD, but flat in foreign currencies. As a US investor, you'd be up 20% in European stocks. This is why FX is key! pic.twitter.com/frXIjnhzdE
— Julian Brigden (@JulianMI2) June 27, 2025