Lite längre relaterat citat från Ray Dalio:
Regarding 1) what happened to the value of money: the dollar fell by 0.3% against the yen, 4% against the renminbi, 12% against the euro, 13% against the Swiss franc, and 39% against gold (which is the second largest reserve currency and the only major non-fiat currency). So, all fiat currencies fell, and the biggest story and the biggest market moves of the year were the result of the weakest fiat currencies falling the most, while the strongest/hardest currencies strengthened the most. The best major investment of the year was long gold (returning 65% in dollar terms), which outperformed the S&P index (which returned 18% in dollars) by 47%. Or, said differently, the S&P fell by 28% in gold-money terms. Let’s remember some key principles that pertain to what is happening:
When one’s own currency goes down, it makes it look like the things measured in it went up. In other words, looking at the investment returns through the lens of a weak currency makes them look stronger than they really are. In this case, the S&P returned 18% for a dollar-based investor, 17% for a yen-based investor, 13% for a renminbi-based investor, only 4% for a euro-based investor, only 3% for a Swiss franc-based investor, and, for a gold-based investor, it returned -28%.
What happens with the currency matters a lot to shifts in wealth and what happens economically. When one’s currency goes down, it reduces one’s wealth and one’s buying power, it makes one’s goods and services cheaper in others’ currencies, and it makes others’ goods and services more expensive in one’s own currency
Källa: 2025
Notera att nedan inte är förändringen mot kronan. Det är bara dollarns förändring mot en korg av andra valutor. Källa: FT
