As always in the investing game, there are few certainties. It's...

As always in the investing game, there are few certainties. It's easy to focus purely on currency, but we can lose sight of the fact that what matter to the prospective traveller is the cost, not currency per say. Currency is only one factor in this equation, albeit a very important one. But remember, for many years now, the cost of travel (air travel) has been dropping dramatically, a trend that has had precious little to do with currency.

There's only one answer, "margin of safety". If you buy at a price that will give you an adequate, if un-exciting, return, even under a somewhat gloomy future, then you may, just perhaps, get a really good return.

Now if only I could tell you how to do that, with certainty!