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Quarterly Commentary: July 2016


No matter what occurred during the quarter economically and in the financial news, Brexit stole the spotlight. The United Kingdom’s vote for independence from the European Union was not well discounted into financial markets, hence the market’s shock on the Friday after the vote tally. This event will take multiple years to play out, and the consequences, though widely reported and speculated upon, will take years to develop and become obvious. It is almost comical, though painful too, to see markets immediately attempt to discount unknown changes into stock prices.

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