The obvious point to recognize is that much of the 'apparent' run up in US stock prices is nothing more than a break-even US dollar versus home currency trade off for foreign owners of those US stocks ! Or from the perspective of US stockholders, the 20% 'apparent' short term gain will actually only buy 10% more in terms of 'real world' US dollar purchasing power compared to last May. But those gains will be taxed as if the 20% 'apparent' gain was real !!!
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