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Both ways are equivalent (assuming we are talking about net returns, and not forgetting any kind of transaction cost). Remember that returns are percentages: they are calculated as $$ \frac{P_1 - P_0}{P_0}\times 100$$ [where $P_0$ is the price at the beginning of the period and $P_1$ is the price at the end] so it does not matter what currency you quote the ...

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