📊 Sharpfokus Brief — September 27, 2025
Measuring Stocks in Gold — Who Can Keep Up?
Over the past 10 years:
• US (Dow): +181% in USD vs gold +235% → –23% in gold terms
• Indonesia (MSCI ETF): –2% vs gold +235% → –58% in gold terms
• Indonesia (TLK ADR): +5% vs gold +235% → –55% in gold terms
• UK (FTSE): +51% but GBP –12% → ≈ +38% USD → –41% in gold terms
• Singapore ETF: +39% USD → –41% in gold terms
Longer term?
Most emerging markets have gone nowhere vs gold for decades.
Example: Singapore ETF since 1996 is about –89% in gold terms — while gold is up nearly 1,000%.
Only true cashflow giants have kept up.
Example: Apple (AAPL) +826% in 10 years → +251% in gold terms.
Takeaway:
Local stock markets can inflate in their own currencies, but gold quietly exposes the truth.
To win long term, you need rising cashflow returns (CFROA) above market-implied returns — otherwise even a 30-year bull market may lag gold badly.
➡️ Upgrade to access full CFROA & Market Value data on nearly all Indonesian listed companies
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Data, not advice
Measuring Stocks in Gold — Who Can Keep Up?
Over the past 10 years:
• US (Dow): +181% in USD vs gold +235% → –23% in gold terms
• Indonesia (MSCI ETF): –2% vs gold +235% → –58% in gold terms
• Indonesia (TLK ADR): +5% vs gold +235% → –55% in gold terms
• UK (FTSE): +51% but GBP –12% → ≈ +38% USD → –41% in gold terms
• Singapore ETF: +39% USD → –41% in gold terms
Longer term?
Most emerging markets have gone nowhere vs gold for decades.
Example: Singapore ETF since 1996 is about –89% in gold terms — while gold is up nearly 1,000%.
Only true cashflow giants have kept up.
Example: Apple (AAPL) +826% in 10 years → +251% in gold terms.
Takeaway:
Local stock markets can inflate in their own currencies, but gold quietly exposes the truth.
To win long term, you need rising cashflow returns (CFROA) above market-implied returns — otherwise even a 30-year bull market may lag gold badly.
➡️ Upgrade to access full CFROA & Market Value data on nearly all Indonesian listed companies
sharpfokus.com/subscribe
Data, not advice