Mellon On Brexit

Mellon On Brexit By Jim Mellon I'm now back in Spain after being in the UK on the day of and the morning after the referendum. Wow – what a result! I went to the area just outside Parliament where the TV and radio stations had set up and had been broadcasting all night till the morning of June 24th. It was surprisingly quiet, with only a glimpse of Liam Fox skipping down the path, and a quick handshake with Nick Ferrari and Andrew Pierce. Then I held a celebratory breakfast at my pub in Notting Hill for (mostly) likeminded people, though my sister Claire didn't look too happy. This was in sharp contrast to her Danish husband, Lars, who was absolutely delighted! We had been trading all night, and luckily, our instinct that the Soros doomsday scenario was far too pessimistic proved right. We covered all of our sterling shorts, and also our DAX and S&P shorts and went long. Then, in and out, playing the range till the volatility abated and markets began to settle down. My sense is there might be a little bit more volatility, but that markets are more or less accurately priced, with the exception of the US, which is still too expensive. Oh, and of course, this excludes bond markets, which are suffering from collective delusion and central bank manipulation... Click Here to Read the Full Story The Master Investor Market Report The FTSE 100 closed the day at 5,982.20, a decrease of 156.49 points. The FTSE 250 fell 1,120.19 points to finish at 14,967.86. The FTSE All Share dropped 111.04 points to finish at 3,237.54. The FTSE AIM All Share finished at 678.55, down by 25.26 points. Shares in budget airline EasyJet (EZJ) dropped 16.37% to 1,098.10p after it revealed that it had to cancel 1,061 flights during its third quarter due to challenges in severe weather, striking French air traffic controllers and airport congestion. Profits before tax for the period are now expected to be roughly £28 million below the same three months of 2015. Management also worry that Brexit-related uncertainty will lead to a drop in revenues per seat over the second half of 2016. Download our June issue today! Click HERE to read. London-focused estate agent Foxtons (FOXT) said that its key markets had been negatively impacted by the uncertainty of the run-up to the Brexit vote and that the outcome means that conditions will probably remain unsettled for some time to come. Management had forecast an uptick in house sales during the second half of 2016, but now expect that this will not come to pass. Foxtons shares dropped by 30.50p to 104.50p. Online currency brokerage service FairFX (FFX) has had a record week with revenue more than 30% above its previous peak. The platform was able to maintain continuous operations in the face of demand, unlike certain competitors. This was on top of an already busy June and management are cautiously optimistic about the prospects for the immediate future. FairFX shares climbed 1p to 30.50p. Tomorrow's news today Carpetright (CPR) and Cohort (CHRT) will publish their final results. Quote of the day "Progress might have been alright once, but it has gone on too long." - Ogden Nash Latest Stories Chart of the Day: Pound Vs. Euro By Zak Mir The Project Fear strategy may have been the reason that Remain failed, but so far it was spot on as far as Sterling collapsing is concerned. That said, the "Pound in our Pocket" tanking will only have positive effects on the economy and may even prevent a recession… Click Here To Read The Full Story Pick the Right Benchmark to Get the Best Performance By Nick Sudbury There was some interesting research published recently about the relative performance of shares and cash. Paul Lewis, the presenter of Radio 4's Moneybox programme, compared the returns from a FTSE 100 tracker fund with the interest you could get by investing in the 'best buy' one year savings bonds... Click Here To Read The Full Story The Evil Diaries: "Time to Wheel on the Tumbrels" By Evil Knievil Time to wheel on the tumbrels: We can stick the lead traitors such as Cameron and Carney in the back and cart them off to Tower Hill. But there is a long, long list of collaborators. Me? I'll be a tricoteuse… Click Here To Read The Full Story Zak's Weekend Chart Round-Up By Zak Mir FTSE 100 Stocks Barratt Developments (BDEV): Initial Rebound Prospects It is interesting that even though the housebuilders have enjoyed the benefits of zero interest rates and capital flight from the bust EU and elsewhere, the Brexit has really given them a painful initial mark down… Click Here To Read The Full Story In the Cold Light of Dawn By Victor Hill Gosh. Have I missed something? I hate it when Swen prods me like that when I'm fast asleep in my favourite comfy chair. Did you say we've voted out? Told you so… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. Master Investor Ltd does not accept any liability for any losses suffered by any user as a result of any such decision.

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