Italeave, Finish, Czechout, Oustria, Byegium and Departugal

June 24, 2016
By Steve Blumenthal

“Italeave, Finish, Czechout, Oustria, Byegium and Departugal.”

— Wilfred Frost, CNBC, June 24, 2016

Brexit!  The world markets are in shock.  What’s next?  You’ll find my thinking below.  This is day 1. There is more to come.

I’m en route to California where I’ll be leading a panel on portfolio construction at the Global Indexing & ETFs Conference early next week.  It should be a lively conversation.  I have to admit I’m feeling both unsettled and calm.

Long-time readers know I’ve been in the “it is time to play defense” camp.  Two percent bond yields and 2-4% 10-year forward equity returns are just not...