UK referendum does not change our stance

Hamish Douglass is sending a message to investors to remain calm following the events of last Friday. “We don’t think [the British referendum] really changes the systemic risk out there. We’re very unlikely to see a banking crisis. We’re very unlikely to see a re-run of 2008.” Initially, it seems that the vote has not significantly raised systemic risk. For example, insurance costs on European banks have risen relatively modestly. Currently, the events do not change our stance. “We have been cautious on markets. There are a lot of issues going on around the world at the moment. We’re sitting at 15 or 16 percent in cash and nothing has fundamentally changed our bearing over the last week.” He does, however, remain cautious of second order effects. For Hamish Douglass’ full thoughts on Brexit, watch the video here:

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Magellan was formed in 2006 by Hamish Douglass and Chris Mackay, two of Australia’s leading investment professionals. The company specialises in global equity and listed infrastructure assets.

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