White Papers

Currencies are a Zero Sum Game

Are currencies a "zero sum game"? In this short paper, 30 year currency pioneer and CEO of Berenberg Asset Management, Gary Klopfenstein, addresses this question as it relates to the management currency risk in a global portfolio.

Gary Klopfenstein is a global pioneer in currency risk management and has been managing currency as a specialist practitioner for 30 years. In this paper, he draws from his extensive experience in currency management to explain how an understanding of the zero sum game question can have a profound impact on your global investment risk/return profile. Gary combines statistical analysis with relatable examples to explore the notion that, over time, currency returns to some long term value. An educational and matter-of-fact paper that anyone in the institutional investment industry can relate to.

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