A seasoned investor recently shared an interesting perspective—if we measure the performance of the S&P 500 using gold, last year's gains would actually be a 28% decline.

The logic behind this isn't complicated. As the US dollar depreciates and gold appreciates, using this new value scale to reassess US stocks reveals that the actual returns are seriously overestimated. Looking at asset allocation from a different angle can help us see the true changes in purchasing power.

For the crypto market, this perspective is also quite insightful—in periods of inflation and asset revaluation, relying on a single currency for measurement can lead to persistent misjudgments.