Heat of the moment

It was the heat of the moment, as the 80s rock group Asia used to sing. For me personally true on several levels as Im taking some vacation in very hot Italy while the Brits decided to turn up the heat in the financial markets – wow I did not forsee that at all. Especially when the last polls just before the vote counting started, came out with 52% for Bremain. I should have listened to my old boss, who is british, he called this a long time ago.

Initial responses were strong sell offs in European equities (for the markets that were open) and of course an equally sharp response in the currency markets with GBP being the big loser. Interesting was that SEK and NOK traded even weaker than the EUR. From a USD investor perspective, as this is the denomination currency of the blogs fund, I see attractive opportunities in Europe where both stock prices dived and currency weakened against the USD.

My portfolio is somewhat underweight European stocks which will help somewhat to keep ahead of the benchmark, although a few of my holdings have really suffered lately. I plan to deploy my cash buffer from the SAS Pref sale a few weeks ago. Interesting times indeed..

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