The Brexit Bust
When we wrote last Friday morning in the immediate aftermath of Thursday’s Brexit, we noted:
Europe, the U.K., the U.S. and the rest of the world will adapt to the new reality. As for the markets, they discount the future and will absorb and reflect the implications of Brexit relatively quickly. So best not to extrapolate what happens today or next week very far into the future.
What a difference a week makes. As we write this note a mere week later, the US market has recovered to pre-Brexit levels and the UK markets are actually higher than they were prior to the vote. Read more on our observation of how quickly the world has digested the news and, seemingly, moved on.