Every return is a ratio. Change the denominator — the unit of account — and the entire story of winners and losers reshapes itself.
When someone says "the S&P returned 12%," there's an invisible assumption: measured in U.S. dollars. But a dollar is itself an asset that strengthens and weakens against every other store of value.
Switch to Brazilian reais and those returns transform. Measure in gold and you're asking: did this asset outrun the oldest store of value humanity has?
A Brazilian who bought the S&P in January has a fundamentally different year than an American, because their baseline is BRL. The tool below lets you toggle between six bases and watch returns transform. The map changes when you change the compass.
| Asset | USD | In USD | Delta |
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