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David Cowell Rant: “Well, well, well…”

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Well, well, well. Quite a surprise even though I voted leave. However, as I have been saying for some time, client portfolios have been positioned so as to protect capital in either eventuality. Obviously we won’t know until after lunch if the cunning plan has worked as most of the collectives within portfolios won’t value until then.

As I write, sterling is down about 10% against the greenback and the same against the euro whilst the Footsie is off about 7%, frankly, less than I thought it would be at this point. I gather that the Cabinet will meet on Monday; so will we unless matters require more urgent attention. A time of sober reflection is called for before deploying our cash pile.

David Cameron has said that he will resign in October. I hope that he takes his Chancellor with him. I am reminded of a candidate for election to the Governorship of California who, on coming third, spoke the immortal words, “The people have spoken, the bastards.”

David Cowell, Director, Myddleton Croft Investment Managers, Leeds, 0113 274 7700

www.myddletoncroft.co.uk

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