Hugh Hendry: The only precedent for today's market is the 1930's

"We believe we are approaching a dramatic fulcrum point in public opinion in Europe. Since the Brexit referendum we have been developing our thoughts about what the Leave vote might mean, not just for the UK, but for the European project as a whole. And our main conclusion is that by doing the unthinkable and actually voting to leave, Brexit substantially increases the likelihood that other members of the European Union will also seek to break away. Remember, just two years after the UK similarly rejected the gold standard back in 1931 there were just 12 remaining members versus the 45 that had previously been committed. And the so far robust performance of the UK economy since the vote will do little to dissuade others from following suit." Hugh Hendry of Eclectica Funds Management: Full report here, via Value Walk: (VIEW LINK)