How do you manage foreign exchange risk?

We aim to double investors’ capital on average every 5 years over the long run, in USD. Given that currencies in most African Frontier markets depreciate vs. the USD over time, we look for investments that can compound at high teens percentage rates in local currency terms, which means they still compound at our required rate in USD terms. We do not hedge. It is cost-prohibitive. We will however stay OUT of markets entirely where we think the FX risks are unacceptably high. e.g. Zimbabwe, Malawi at present, Nigeria in 2020 to 2023. Etc.