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A lot of the supposedly smart money was really
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quite defensively positioned going into the Brexit vote
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I think people were really unsure about what the result was going to be
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and so a lot of hedge funds basically took all risks off the table
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and really didn't really express any real view on either way the result could go
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I think since the result has come out
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there has really been a sharp derating of the prospects
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of British economy and the value of the pound against the dollar in the eyes of a lot of hedge funds and other trading houses
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I think that what we've seen is that a lot of people are now thinking forward to where this crisis might lead
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and looking at the current political unrest or at least political uncertainty inside Westminster in the UK
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have started to really think about how long this crisis could go on for
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I think the position of being negative on the outlook of British economy in the coming months
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is actually something now of a consensus between most hedge funds managers
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I think a lot of people are expressing that view in some way or another
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The actual debate going on is what impact Britain's vote
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to leave European Union is going to have on the Euro zone
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and how could this crisis, which at the moment is relatively contained
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relatively focused on Britain and British-exposed stocks and the pound
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how is this going to spread into Europe?
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Is it going spread into Europe and are we going to see
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a re-emergence of doubts over the integrity of the European Union and the Eurozone, and the European debt crisis