On an investment note, if you're looking to be greedy when others are getting a little fearful in the U.K. micro-cap land, valuations and volumes in some nicely positioned small companies are back at attractive levels. I can't discuss much here at the current time given that we are active in the space at Boyles, but just wanted to point it out as an area of potential opportunity for those interested.
Related book: No Two AlikeFluent Innovation: Using Behavioural Science to Make Your Next Big Idea a Success (video) (LINK)
Quantum Computing: A Primer (video) (LINK)
Hussman Weekly Market Comment: Brexit and the Bubble in Search of A Pin (LINK)
First things first. While the full attention of financial market participants is focused on “Brexit” - last week’s British referendum to exit the European Union - the singular factor to recognize here is that the vulnerability of the financial markets to steep losses has very little to do with Brexit per se. Rather, years of yield-seeking speculation, encouraged by central banks, had already brought the financial markets to a precipice prior to last week’s vote. It’s not entirely clear whether Brexit is a sufficient catalyst to burst the bubble, as we recall that the failure of Bear Stearns in early-2008 was followed by a period of calm before the crisis was sealed by Lehman's failure, and numerous dot-com stocks had already been obliterated by September 2000, when the tech bubble began its collapse in earnest. We’ll take the evidence as it comes, but we’re certainly defensive at present, for reasons that have little to do with Brexit at all.