Richard (Rich) Diaz

speaker
75 appearances 1 recordings 1 series first heard Dec 2019 last heard Dec 2019

Richard (Rich) Diaz’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Brexit: How Investors Can Make Money · 16 Dec 2019 podcast
Well, yeah, I think there are two kind of important milestones that need to be taken.
And I think that first, just to be clear, is January 31st, which is the deadline that Boris set before the election.
Obviously, the withdrawal agreement can now be passed given the majority.
And then they have a year to negotiate a trade deal with the EU.
Obviously, that can be bumpy.
There's some worries about given the fact the majority is so strong for the Conservative Party that
Boris will opt for a hard Brexit.
But I actually think that the opposite is true.
I think that given the strength of the majority, I think that the more Europhile factions of the Conservative Party do not have to appease the ERG, the European Research Group.
And I think we'll actually get a softer Brexit than I think many of Boris's critics would care to admit.
There's two things on this.
Number one, I think we kind of figured that out in August when the pound bottomed.
And I think we need to trust the markets somewhat.
And they're telling us something.
They're signaling to us what I think is the collective wisdom, and that's that it wasn't going to be so bad after all.
But also I think something, another angle that I think people don't spend enough time thinking about is everyone thinks of Brexit as a UK problem.
But I think Brexit as a European problem, and I think for US investors and Japanese investors, et cetera, I think they were unwilling to even touch European assets.
so long as Brexit was constantly on the headlines.
And if you plot, for example, cable with euro area bank stocks, there's been a one-to-one correlation for the whole year, which is remarkable.
You don't think of euro area banks as a Brexit issue, but remarkably, it's really tough to see it otherwise when you look at those two indexes together.
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