<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/229d0d71-4962-4251-99c1-8b646780a01d/A9CA9DBA-22EE-405A-9999-09B768D7DE64/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996" href="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996" style="font-size: 11px;">usmarket.seekingalpha.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996">U.S. Stock Market Through the Eyes of Foreign Investors</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><STRONG>Richard Shaw (<A href="http://%20www.qvmgroup.com/">QVM Group</A>) submits:</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/usmarket.seekingalpha.com/img/56A92018-522D-4BAA-9B57-98F175634D7B" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><STRONG><BR />S&P 500 Through Japanese Eyes</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996">While Japanese investors may lament that the S&amp;P 500 has lagged other major markets, they at least had the benefit of what the S&amp;P 500 did accomplish.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/usmarket.seekingalpha.com/img/67DBC912-1224-43BA-8394-03C5D0F9C65C" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><STRONG><BR />S&P 500 Through European Eyes</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996">In this chart the blue line shows that relative return with respect to Euros (note that older periods of time use a “synthetic” Euro calculated based on the component individual country currencies – we don’t know how it was done, but the databases are standardized).</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/usmarket.seekingalpha.com/img/CF08066D-9071-47C9-9977-9A5412908008" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><STRONG><BR />S&P 500 Through British Eyes</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996">The British have suffered essentially the same currency devalued returns from the S&amp;P 500 as Euro-zone investors.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://usmarket.seekingalpha.com/article/35020?source=d_email&u=1996"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/usmarket.seekingalpha.com/img/BD983121-A702-4F1B-A7DA-03BCDFE54D9B" alt="" /></div></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A9CA9DBA-22EE-405A-9999-09B768D7DE64/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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