• The UK is embarking on Brexit, a process of truly daunting complexity for which there is a two year time frame that most think is way too short.
• The resulting upheaval will consume British policy making for at least a decade or more.
• We don’t see much upside, but there are significant risks and banana peels on the way.
• While even the British government’s own research shows that the economy will suffer in the process, the pound will absorb much of the shock.
• So we expect British equities to be little affected in general, but bonds and the pound will face structural headwinds.

The Brexit Farce | Seeking Alpha