Back on the 16th of June I wrote an article to you called “Brexit or Bremain: how to play it”. The opening few paragraphs were:
Brexit or Bremain, the outcomes are polar opposites for risk asset markets and today I want to run through what this all means ahead of the UK referendum on the 23rd of June.
Firstly, make no mistake, this is turning into MAJOR market event. Either outcome will move markets sharply and we need to be prepared for volatility. I did write recently to you that I had built up cash levels waiting for a pullback, and I did point to Brexit as one of the reasons for building up cash and waiting for better risk adjusted entry prices.