Some believe investing across multiple markets is the key to diversification. What if it's not the silver bullet you think?

🌍 Check your true spread: Your portfolio's real revenue exposure by geography, not by listing.

🇳🇱 More than Dutch: ASML might be based in the Netherlands, but its revenue hinges on Asia. 

🔍 Index concentration: One country, two companies, one big lesson for real diversification.

Where a company is listed tells you almost nothing about where it actually makes its money. You buy ASML because it's Dutch, LVMH because it's French, Nestlé because it's Swiss, and it feels like you've spread your money across Europe, safely away from the crowded US market. 

Then you look at the revenue. Most of ASML's sales come from Asia's chip fabs. LVMH lives and dies on the Chinese and American shopper, not the French one. Nestlé earns more in the Americas than anywhere else. Your "European" basket is really a bet on the US and Chinese economies.

Even a portfolio of companies from a dozen countries can be one concentrated bet on two or three economies, because revenue, not the stock exchange, is what actually moves the price. The point is to check where your portfolio's money truly comes from, not where its stocks happen to trade, and decide whether that's the exposure you had intended.

Which economies do you deliberately want more or less exposure to?