On the Brexit Referendum
The polls and the “prediction markets” were wrong. So the success of Brexit comes as a surprise to markets – and against the backdrop of months of fear-mongering by global elites. But the extreme reaction in markets overnight is, quite simply, ridiculous. We continue to think that the fears are false and exaggerated. There will be some costs and uncertainties, but this will make the UK better, and could make Europe better too. The UK will be free of over-reaching interference from Brussels, and Brexit opens up a dialog that could lead to the reform of the European Union’s autocratic, brittle and anti-growth governance. We reiterate our call to use this as a buying opportunity, and a chance to lighten up on haven assets.