Jun
27
2016
In the world of low probability events occurring and having wide-ranging outcomes, Britain’s decision to exit the EU is a big one. As big as Lehman/AIG/Greek default? We don’t think so, but policy response from central banks is likely necessary to determine shorter-term market direction. Essentially, most market participants had the strong belief and focus that the electorate would be swayed by the possible negative long-term economic consequences and remain, while failing to recognize the anger and disillusionment primarily over immigration issues and government leadership in general...
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