It is hard to believe that the Brexit referendum has now hit its third anniversary. In the wake of the damaging uncertainty that has seen British stocks meaningfully underperform their counterparts across the pond, value investors may begin examining opportunities to pick up stocks of stable British companies that will withstand a period of prolonged market volatility.
The FTSE 100 (9.7% annualized returns in British pounds) has underperformed the S&P 500 (14.1% annualized returns in U.S. dollars) by 4.4% per year since the Brexit referendum on June 23rd, 2016. In U.S. dollar terms, the underperformance