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Comments on Brexit

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I wanted to take a moment to share our thoughts on the major news event today, the “leave” vote in the British referendum to leave the European Union, otherwise known as Brexit. Our thoughts will be limited to the economic and financial impact of the vote, as I will leave the geopolitical implications to the pundits for now. This is not to say that the geopolitical consequences will be trivial, as we believe the vote to leave the European Union was very much related to issues that are not obviously economic, including immigration, border control, and Britain’s relationship with Brussels. However, the geopolitical consequences will take years to play out and are beyond the scope of this update.

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