Current Topics

Brexit – Initial Market Commentary

Topic: Europe, 6/29/2016

The British people have officially voted to leave the European Union (EU). While Scotland, Northern Ireland and London supported remaining in the EU, Wales and the remainder of England overwhelmingly voted to leave. At final tally, 52% voted “Leave” versus 48% “Remain”. This piece breaks down the intricacies of the Brexit decision and analyzes the variables behind the uncertainty clouding the markets.

Brexit – Potential Market Impact

Topic: Europe, 5/20/2016

On June 23rd, a public referendum will decide whether the United Kingdom remains in the European Union (EU). Britain’s possible exit from the EU, popularly named “Brexit”, has been the subject of heated debate with a number of high profile supporters on either side. This piece examines the likelihood of Brexit discusses potential implications for equity markets.

Will the UK's Referendum Impact Markets?

Topic: Europe, 10/22/2015

By the close of 2017, the United Kingdom (UK) is scheduled to hold a referendum on whether or not to stay a member of the European Union (EU). While some expect the United Kingdom's European Union referendum to roil equity markets, we believe this is unlikely.

A Lesson Learned From the Greek Selloff

Topic: Europe, 8/6/2015

On August 3rd, the Athens Stock Exchange (ATHEX) reopened after a five week closure and Greek stocks promptly underwent their worst selloff in history, opening down about -23% from their previous June 26th close before regaining some ground to finish -16.2% lower. There are clear lessons to draw from this--Greece is still in turmoil, investors are still concerned, "Grexit" remains a risk and political uncertainty abounds. A more important but mostly overlooked lesson from the ATHEX closure is that markets are efficient. Comparing the ATHEX composite and a globally traded ETF of Greek stocks demonstrates markets' ability to discount widely discussed events and information.