by Paul Mampilly
The Sovereign Investor
One of the best trades of my career didn’t involve stocks at all.
In 2001, the European Union was beginning its full rollout of its new currency, the euro.
Now, the euro was a currency you could use to trade. But until 2001, it wasn’t widely used for day-to-day transactions like buying a cup of coffee.
The new euro’s value had been plummeting for nearly two years and had now crashed. In dollar terms, it had plummeted from $1.20 in 1999 to $0.82 in 2000. That’s a fall of almost 50%!