Most retail traders underestimate currency impact on equity portfolios.

If you hold US equities but live outside the US,
your returns are not just stock returns.

They’re:
Stock performance + USD performance.

In 2022 strong USD masked equity weakness for many international investors.
In 2023 it worked the opposite way.

Currency exposure is the silent PnL driver most ignore.

Do you hedge FX risk or let it ride?