Q2 2016 Investment Review

David W. Lemons, CFA
Senior Managing Director, Portfolio Manager

“Ulysses, glorious Greek, arriving here! O stay thy ship, that thou mayst hear our voice! For none hath ever sail’d past this our isle, ere the sweet voice form forth our mouths he heard…and all things on the fertile earth we know.” So spake their charming voice, and then my heart desired to hear.
The Odyssey of Homer, George William Edginton 

What Brexit? The timing of the vote by the Brits to leave the European Union (June 23rd), the result (leave!), the immediate financial market reaction (sell!), and the bountiful political, social, and economic commentary that continues unabated made it the dominating event in the minds of many investors during the second quarter. In the two trading days following the verdict, the S&P 500 fell -5.3%, the MSCI All Country World was cut by -6.9%, and the MSCI EAFE dropped -9.8%. Bond yields slumped (prices rose), and gold prices firmed. Read more >