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"...It's been suggested that we've moved to a postfactual society, where evidence and truth no longer matter, and lies have equal status to the clarity of evidence..."
Global sovereign wealth funds are waiting to pounce on bargains instead of paring stakes in the U.K. following the Brexit vote, a senior industry expert said Friday.
"Sovereign wealth funds are patient capital. They have a long term investment horizon," Michael Maduell, president of the Sovereign Wealth Fund Institute, told CNBC's "Squawk Box" on Friday.
"When everyone is freaking out about the pound sterling going to a 31-year low, wealth funds can come in and tactically purchase assets and tactically place bids on companies."
Scale and speed of fall reinforces case for BoE rate cut next week
British consumer confidence has dropped sharply in the aftermath of the vote to leave the EU.
Amid the political and market turmoil that has followed the vote, a special edition of the GfK survey has recorded one of the biggest falls in its history, falling by eight points to minus 9 in only a few weeks.
The highest the survey has been was 21, out of a possible 50, in January 1978, and the series is often in negative territory because of the way questions are framed.
Nevertheless, the last time the survey, which has been asking the same questions in the same form since 1974, recorded a bigger fall was in the 1990s.
Joe Staton, head of market dynamics at GfK, said it was a “big drop and a clear sign that people are feeling insecure”.
While I keep looking out for articles that offer an alternative to the 'doom and gloom', post-Brexit vote narrative, I came across this insightful piece from someone who used to work for the European Union.
WSJ is using an interesting expression, there, when they say "steepest fall". I'm not questioning whether it's true, but according to their own chart, although it's had its steepest fall, it's still higher than it was at any point between the start of 2008 and the start of 2014, and it's clearly wording that chooses to conceal that, isn't it?
(It's one of things slightly similar to "fastest-growing" often being another way of saying "smallest".)
Why re-hash old news. I believe that article was written in October last year (look at the date under the writer's name). So despite that, the voters still went ahead and voted out.
However, if the USA brings in trade barriers against the UK, then it will be reciprocated and there are no winners in a trade war. The same goes for the EU.