An independent advisory firm dedicated to providing our clients with personalized
wealth management services and disciplined investment management strategies.
Clear Harbor Flash--Brexit Bruises Investors went into yesterday’s Brexit vote with surprising complacency. Risk assets rose in the days leading up to the vote on polls suggesting a solidification of “remain” sentiment, only to plunge overnight as the “leave” result became clear. While most Americans slept, crude oil plummeted as much as 5%; safety assets such as gold jumped 5%, with the yen rising and U.S. Treasury yields compressing significantly. U.S. equity markets opened markedly lower this morning.
Clear Harbor Q3 Outlook As I wrote last week, the U.K. vote to leave the European Union (“Brexit”) took complacent investors by storm. It shook global equities: even U.S. stocks stalled their run toward the high water mark struck in May 2015, while a flight to safety boosted sovereign and investment-grade bond prices. Currency volatility was pronounced both before and after the historic event, as pound sterling plunged and the euro edged lower; the dollar and yen rose.