Tagliaferro: Brexit reaction is nonsense

Anton Tagliaferro, founder of Investors Mutual, has described the Australian market reaction to Brexit as "nonsense".“I've been in financial markets for 30 years and these are knee-jerk reactions that are mainly trader driven. In terms of the underlying fundamentals of many companies in Australia – nothing has changed. It's just the sentiment. It makes no sense for Australia to panic. Financial markets move in unison. Things are short term. I think when people sit down and look at companies on a stock-by-stock basis in a week's time or a month's time they will sit down and go, 'well, is Suncorp really impacted by the UK? No. Is AGL really impacted by the UK? No'." (Source: The Australian Financial Review)