WD #222: Pound's Plunge, Diageo, Why I'm Not Selling All My Stocks During This Recession

Why not sell everything and buy back cheaper later? Also, what's going on across the pond.

Summary

• The British Pound has crashed to all-time lows against the Dollar.

• A currency crisis is just the sort of thing that might convince the Fed that it has done enough monetary tightening.

• Diageo looks to be setting up as an attractive "baby with the bathwater" equity that will be too cheap thanks to its British HQ rather than any business reason.

• Answer…