meaning the decision to leave the EU was a disaster.

代表當初脫歐的決定錯得離譜

The FTSE 100 is close to an all-time high, showing that Britain is better off out.

富時100指數接近史上最高，代表英國的確是應該脫歐的

Whichever of those two statements you believe, they are linked.

不論你相信哪一個說法，它們都是相關的

Many FTSE 100 constituents sell their wares in dollars.

許多富時100的公司用美金來賣它們的產品

And every dollar of revenue is worth 11p more today than it was on the day of the vote.

他們收入的每一美金在今天比起投票當天還要貴上 11 便士

This will boost dividends too.

這也會讓股息增加

Six out of the top ten dividend payers in the UK declare in dollars.

英國股息前十高的公司之中有六家用美金來申報

How much UK shareholders receive depends, of course, on the exchange rate.

英國持股人會收到多少當然要看匯率

A stronger dollar added 2.5 billion pounds to payouts declared last year,

美元的走強讓去年申報的股息發放多了 25 億英鎊

and it could add more this year.

而且今年可能還會更多

For this chart, I look at the value of each company's final dividend

在這張圖表上，我用四種不同的匯率

using four different exchange rates.

來觀察每間公司的最後一次股息發放價值

$1.48 to the pound, which was the rate on the day of the referendum;

先是英鎊對美金 1 : 1.48，這是公投當天的匯率

$1.27, which is the rate now;

再來是現在的匯率，也就是英鎊對美金 1 : 1.27

$1.25, and $1.20.

1: 1.25，跟 1: 1.20

The bars show the potential uplift from the weaker pound.

這些橫條顯示疲弱的英鎊可能回升

This is all theoretical, of course, both dividends and exchange rates are estimates,

當然，股息跟匯率都只是預測值

and not all holders of these shares will choose to receive their dividends in pounds.

而且並非所有這些股票的持股人都會選擇以英鎊來收股利

Then, there is this.

然後再來看看這張表

The small bar in this chart is the increase in the value of next year's forecast total dividend

這張圖表裡比較小的橫條代表的是以英鎊對美金 1 : 1.20 的匯率來看

at an exchange rate of $1.20 to the pound.

明年預期的股息總和增加的價值

The large bar is the increase in each company's market value since the referendum in late June.

比較大的橫條代表的是每間公司市值自從六月公投以來的增加幅度

You can see if there's any boost, it's well and truly in the price already.

你可以發現如果有任何上升的話都已經完整反映在價格上了

Proof, if more were needed, that's investing in shares on the basis of what is happening in currencies

如果你需要更多證據的話，根據貨幣的情況來投資股票

is rarely a good idea.

通常不是好主意