We Didn't Foresee Brexit, and it Didn't Matter
Based on the torrent of emailed “analyses” we have received, wealth managers appear to have universally recommended inaction both before (because they did not expect it) and after Brexit (because they did not know what to do). Despite one of the greatest one-day worldwide equity market selloffs in history, their advice was to take no action. Apparently, no matter what the event or the depths to which equity indices sink, their advice has always been the same: stay the course. The strategy of holding positions in the hope of eventually recouping losses has worked. But hope is not a plan, and one day, hope will run out.