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  • A lot of the supposedly smart money was really

  • quite defensively positioned going into the Brexit vote

  • I think people were really unsure about what the result was going to be

  • and so a lot of hedge funds basically took all risks off the table

  • and really didn't really express any real view on either way the result could go

  • I think since the result has come out

  • there has really been a sharp derating of the prospects

  • 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

  • I think that what we've seen is that a lot of people are now thinking forward to where this crisis might lead

  • and looking at the current political unrest or at least political uncertainty inside Westminster in the UK

  • have started to really think about how long this crisis could go on for

  • I think the position of being negative on the outlook of British economy in the coming months

  • is actually something now of a consensus between most hedge funds managers

  • I think a lot of people are expressing that view in some way or another

  • The actual debate going on is what impact Britain's vote

  • to leave European Union is going to have on the Euro zone

  • and how could this crisis, which at the moment is relatively contained

  • relatively focused on Britain and British-exposed stocks and the pound

  • how is this going to spread into Europe?

  • Is it going spread into Europe and are we going to see

  • a re-emergence of doubts over the integrity of the European Union and the Eurozone, and the European debt crisis

A lot of the supposedly smart money was really

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