I suppose it would be appropriate to write about what I learned from the fallout due to last week’s referendum on the European Union in Britain, the Brexit. Here goes:
British political leaders resign when things don’t go their way.
That about sums it up. Other than that, it is hard to glean too much insight other than the world doesn’t seem to think the long-term economic impact is meaningful, at least as I type. After all, believe it or not, the S&P 500 had a slightly positive total rate of return for June. Sure, the US markets are off a bit since last Thursday’s close, ahead of the poll results, but they are ahead of where they finished out last Wednesday (6/22), before investors placed all their last minute “remain” trades.
Frankly it borders on the surreal. …read on…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.