Final Word from Tuesday, June 14, 2016

Czech politicians have been rather reserved about Brexit. Even Miloš Zeman is keeping a low profile, saying merely that he expects Remain to prevail. He can't affect the vote anyway, and this stance takes some wind out of the sails of critics who see the shadow of Putin behind his every remark. Zeman and other Czech politicians have little to gain from the referendum vote, but the same doesn't apply to investors on the Prague Stock Exchange. They've already lost Kč 60bn in market capitalization in the past four trading days. What is more, the Financial Times reported that hedge funds and investment banks have commissioned private exit polls in an attempt to profit from the referendum, similar to the tale of how Nathan M. Rothschild used pigeons to be the first in London to learn how the Battle of Waterloo turned out. Czech investors who don't have a line to such exit polls risk being on the losing side, no matter who wins the Brexit vote. [Czech Republic stay leave Mayer]