https://mebfaber.com/2011/06/10/currency-carry-it-depends-on-the-valuation/
Currency Carry: It Depends on the Valuation (aka the Dollar is Undervalued) - Meb Faber Research -...
Jun 10, 2011 - With the US Dollar being undervalued against most pairs on a PPP valuation basis I thought I would chime in quickly as a follow up to our last currency post....