by Benjamin J. Butler
Britain “has collapsed politically, monetarily, constitutionally and economically.”
-- Mark Rutte, Dutch Premier,
I wrote half of this note in Marbella, Spain and now I am on a flight to London. I fly to the UK with both excitement and trepidation. Whilst I was in Spain, my country voted to make one of the biggest constitutional and political decisions in the post-war period in leaving the European Union. The ramifications are profound and global -- and incredibly difficult to articulate in just one column.
We had warned investors for months about this strong likelihood, although I must admit at the 11th hour I saw a slightly diminished probability because of the murder of British Member of Parliament Jo Fox. I hope that our readers were at least positioned defensively as we suggested.