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Takeaway: The U.K.'s continued pound devaluation is fantastic for the super wealthy but obviously horrible for poor people.

Pounded! Why The UK's Super Wealthy Love Currency Devaluation - Pound cartoon 07.05.2016

Teresa May throws a timeline on the tape (Brexit negotiations by Q1 2017) and London loves it...

  • FTSE ramps +1.1% to a new high (+11.6% YTD, doubling the SPX return)
  • Pound gets devalued to a fresh new low of $1.28.

(Pound is signaling immediate-term TRADE oversold within a $1.28-1.32 range.)

That's fantastic for the wealthy, but... 

It’s obviously horrible for the poor people (i.e. the 90% or more of humans who don’t own “stocks”) who continue to lose the purchasing power of their hard earned currency. But who really cares about them anymore anyway?

And I mean that with some serious sadness in my heart. 

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.