This month, we feature a contribution by Stephen Isaacs, who is known in the hedge fund world for his, often, thought-provoking commentaries about markets, economics and politics. It goes without saying that the thoughts expressed in this article are those of Stephen, and do not necessarily reflect Hardman & Co’s views. Feature article: UK/OK – muddling through The past few years have seen previously unheard-of constitutional risks – from threats to the Union to the departure from the EU. Britain has seen political risk brought back into investors’ equations. With the end of Queen Elizabeth II’s 70-year reign, and three Conservative PMs in quick turn, political turmoil has become a real issue. For journalists, constant scandals make excellent copy, but the way in which British politics works is more interesting. Failures like the Truss government don’t last — the ruthlessness of the machine soon leads to change. The contrived political dramas are not a real threat to investors, and are about to be replaced by stability.