This chart shows the performance of the US S&P 500 index over the past two years versus the Australian and Canadian equivalents, all expressed in US dollar terms. It shows why American investors who had diversified into commodity countries wished they hadn’t, and why Australian investors who didn’t diversify offshore wished they did. While it does make it easy to sell the benefits of offshore investing, it also strongly hints at why we’re not finding a lot of value in the U.S. today, why we are quite excited about our Australian portfolio and why we're finding some interesting opportunities in Canada.