I’ve searched and can’t find anything specifically explaining this issue, here or in the text. I’ve seen at least three different questions, one I got hit on b/c I said that currency return was not a significant part of total return - answer said it alone can wipe out investments. Next time, they said the opposite because over the longer term correlations go down to about zero. Now I’m re-doing CFAI 2003 AM essays, Q4, # 2, where it asks: Correct or incorrect: “Local currency depreciation against USD has been a frequent occurrence for US investors in emerging mkts…this is true even for long-term investors.” Answer: Correct Am I missing something b/c of the emerging mkt vs developed mkt distinction? Or is this question narrowly focused on US investors? Thanks