When currency mix changes the drawdown story
A baht-stable view of an offshore book can hide how sharp the same path felt in spending currency.
Investors who hold both Thai equities and a USD account often argue about which chart is “real.” Both are. The spending currency decides which one hurts.
In reviews we present peak-to-trough in the household’s primary spending currency first, then show the other lens. Couples sometimes discover they were optimizing the wrong frame.
Small habits that help
- Pick one reporting currency for family discussions
- Note large FX conversions as portfolio events, not footnotes
- Avoid adding a new foreign sleeve solely to “balance” a chart without liquidity planning
Multi-currency books are welcome in our portfolio risk reviews; bring statements from each account even if formats differ.