Legendary bond investor Bill Gross just tossed out an interesting analogy on Brexit.
“It’s sort of like a 21st century version of the last episode of Downton Abbey, where the downstairs servants are supping at the upstairs dinner table and seem to be enjoying it,” Gross said on Bloomberg TV Friday morning. “We didn’t expect that last night.”
The UK has voted to leave the EU, backed by older voters and those who have not shared in the UK capital’s prosperity.
Janus Capital’s Gross was in the remain camp, and had tweeted his thoughts on immigration and labour benefits in the past.
Here is Gross again:
More seriously, this is a barely successful, nonetheless storming of the gates of finance and establishment by populists with their growing sense of frustration about the benefits of free trade for them and immigration to them, and even perhaps a statement of taxes.