The S&P 500 is down -1.8% in EUR terms since January 2025, implying that USD-denominated gains are being eroded by currency devaluation. The author believes the market's performance is overstated and driven by currency manipulation rather than fundamental strength, making it an unattractive investment from a non-USD perspective. The post implies a bearish or at least cautious stance on the S&P 500, suggesting that the "real" returns are negative and the market is not as strong as it appears to US-based investors. The timeframe is extremely short (less than one quarter). Market performance could rebound. The currency effect could reverse. The author's premise that performance is solely due to devaluation may be incorrect.
SPY
HIGH
Mar 20, 18:50
Key Points
['S&P 500 performance is negative in EUR terms YTD.', 'Author attributes this to USD devaluation.', 'Implies the market is fundamentally weak.', 'Suggests US market is not an attractive investment now.']
March 20, 2026 at 18:50