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Portfolio

Open and Free

Brexit is the key issue for the British election. The UK is leaving the European Union but the terms of divorce are still to be argued over.

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Focus on non-US equities

With global equities rising 7% in 1Q2017, valuations appear somewhat high on a historical basis. However, the bulk of this overvaluation is due to elevated multiples in the US, where at 22x trailing earnings, valuations have only been at such a level during the tech bubble of 2000-01.

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