Not surprisingly, the outcome of yesterday’s referendum in the UK has hit sterling hard and driven down the prices of equities and most commodities. At the same time, it has boosted the “safe-haven”...

The yen would presumably jump on safe-haven demand in response to a UK vote to leave the EU, but we would still expect the Japanese currency to end the year much weaker against the dollar. Indeed...

There are good reasons to believe that the market fireworks after a UK vote to leave the EU (‘ Brexit ’) would not be as dramatic as many expect. Indeed, while the initial impact on the pound would...

In our view, the equilibrium price/earnings ratio of the US stock market is now much higher than its long run average. Indeed, we think it is close to its current cyclically-adjusted level. If we are...