...when converted to EUR.
Something that a lot of people DO NOT consider about international markets is how currency shifts can cancel out market returns.
Consider this: the Dow Jones industrial average is in negative territory for the last three months when converted into EUR.
An excerp from John Mauldins 'Thoughts from the Frontline' e-letter:
"In the US, we think of the stock market as hot. If you are in the rest of the world, you may not be as impressed. My friend Prieur du Plessis of Plexus Asset Management in South Africa created the following chart for me. It ranks 52 stock market indices around the world in terms of how they have done for the last 3 months, 6 months and 1, 2, and 3-year periods, in euros. The Dow is number 50 over the last three years (only 3.88% a year for the last three years!) and in negative territory for the last three months. Only one stockmarket, Venezuela, has been down over the last three years. (And deservedly so as their president is doing his best to destroy their economy. I feel for the people, as his policies will ruin what by all rights should be a prosperous nation.)"
Australia comes in at 9th for the last 3 months. The whole list is below: