Investing in the Local Currency or Dollar Based Currency?

Zoedecanal: How do you determine whether to invest in the local currency or dollar based if you're here in the us? Are there specific advantages and disadvantages? Or does all the currency risk essentially wash out at the end? So this is a very, very difficult question as an arbitrage focused person. We have a programme that one of the people on my team developed, which ant tries to answer the question,. what's the likelihood that we'll get to keep whatever the exanticary of the currency is? That way we insulate ourselves from broad dollar moves.