What to expect from Brexit: Is it clearer than you think?

Managers voice concerns over lack of clarity

In the fund management world, the two most common responses to any Brexit question must be: "expect volatility"; and "I am waiting for clarity".

Sadly, these tell you nothing about Brexit, but they do speak volumes about the managers who utter them. Take the first: "expect volatility". This is like a weather forecaster telling you to "expect weather". There is an excellent book called The Full Facts of Cold Reading, by Ian Rowland. In it, he sets out the techniques fairground-psychics use to make you believe they can see into the future. It should be required reading for anyone in the investment industry; its 12 techniques for phoney forecasts are commonly used here too.  Certain predictions "Expect volatility" falls into ca...