performed

A weekend BASE jumping accident in a Utah canyon killed two people, one of them a daredevil athlete best known for performing onstage with Madonna at the 2012 Super Bowl, authorities said.

The Sheriff’s Office in Grand County, Utah, confirmed one of the dead was Andy Lewis, an extreme athlete known for feats in BASE jumping, a dangerous sport that involves parachuting to the ground after jumping from a tall fixed object such as a building, a bridge or a desert cliff overlooking a deep canyon.

In BASE jumping circles, Lewis had a huge following and a reputation for pushing the envelope — leaping into tighter spaces or deploying his parachute later than his peers would dare, said John McEvoy, a BASE jumping instructor in Twin Falls, Idaho, who has jumped with Lewis.

“He had an incredible level of athleticism and skill that was developed over years of practice,” McEvoy said. “But then he would take an incredible amount of risk.”

Lewis’ other sport made him an overnight celebrity, thanks to Madonna

Lewis was also a prominent figure in the niche sports of slacklining and tricklining, which combine elements of high-wire walking with aerial acrobatics — sometimes at perilous heights.

Lewis went from obscure athlete to overnight celebrity when he appeared onstage in Madonna’s 2012 Super Bowl halftime show. Dressed in a Roman toga, Lewis bounced and executed tricks on his inch-wide line as though it was a trampoline while Madonna sang behind him.

“My phone actually rang itself to death three days in a row,” Lewis said soon afterward in an appearance on Conan O’Brien’s late-night show.

Emergency responders were dispatched Sunday to a report of people injured in a BASE jumping attempt at Mineral Bottom, a remote desert area near the Utah-Colorado line, according to the Sheriff’s Office. Lewis and an unidentified 50-year-old man died at the scene, the office said in a news release.

Sheriff’s Lt. Al Cymbaluk confirmed to the Associated Press that it was Lewis the extreme athlete who died. He said he had no further details on the fatal accident.

BASE jumping is far more dangerous than skydiving

Though there’s no official tally of BASE jumping deaths, a list compiled by the website BASEaddict.com shows 540 total fatalities worldwide since 1981 — including 30 people killed last year. Prominent deaths include BASE jumper Dean Potter and his climbing partner, Graham Hunt, who were killed in 2015 while attempting a wingsuit flight in Yosemite National Park.

A study focused on BASE jumping in Norway, published in a medical journal in 2007, estimated that BASE jumping carried risks of injury or death five to eight times greater than skydiving.

Lewis openly acknowledged the sport’s inherent danger.

“It’s weird to think about how many people are dead, because it’s like a normal thing,” Lewis told documentary filmmaker Ella Warnick in an interview published last year.

Lewis owned BASE Jump Moab, a business that offered excursions to inexperienced customers using tandem jumps, in which the customer was harnessed to a guide wearing the parachute.

Sheriff’s spokesperson Cymbaluk said he didn’t know whether Lewis and the other man killed were performing a tandem jump.

Tandem BASE jumping carries additional risk because it straps together two people, one of whom generally lacks experience, under a single parachute, McEvoy said. But because they involve novices, they also tend to be the most low-risk, basic types of jumps.

“Within BASE, it’s a very controversial topic,” McEvoy said. “There’s a lot of people who say it’s the stupidest thing in the world and others arguing, `No, we’re giving people the experience of their lives.’”

No one immediately returned phone, text and Facebook messages left Monday for BASE Jump Moab.

Lewis won four straight world championships in competitive slacklining from 2008 through 2011. Lewis set a Guinness World Record for slackline surfing, swaying his feet side to side in a rocking motion that mimics surfing, while keeping his balance above China’s Diaoshuilou waterfall in 2011.

In 2014, he walked a slackline suspended between two hot air balloons more than 4,000 feet above the Nevada desert.

Bynum writes for the Associated Press.

Almost a decade after British voters chose to leave the European Union on 23 June 2016, the FTSE 100 has been hitting record highs.

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Yet beneath the headline, the financial scars of that vote remain unmistakable.

A new Morningstar analysis titled “The Brexit Decade” laid out the damage in numbers that are hard to dismiss.

Since the referendum, UK equity funds have bled roughly $160 billion in cumulative net outflows, six consecutive years of redemptions that have hardened into a structural loss of confidence rather than a passing cyclical drawdown.

How wide a performance gap has opened between UK stocks and comparable equity markets since the vote? And how has the pound fared?

UK FTSE 100 has trailed Wall Street and continental Europe

The numbers speak for themselves.

The FTSE 100, the benchmark tracking the 100 largest companies listed on the London Stock Exchange, has gained 62% since Brexit.

Over a 10-year window, that works out to a compounded annual growth rate of just under 5%.

Wall Street has run a different race. The S&P 500 has rallied 253% over the same stretch, a 13.4% annualised return — almost three times the pace of UK large-caps.

The gap is not just a transatlantic story.

Within Europe, the German DAX has returned 151% and the Euro STOXX 50 has gained 109%, suggesting Brexit has weighed more heavily on London than on the continental rivals it left behind.

Why UK markets lagged: A pre-existing weakness Brexit made worse

According to Morningstar, Brexit was a catalyst rather than the root cause of the UK market’s underperformance.

The UK equity market entered the 2016 referendum with pre-existing structural headwinds — declining domestic pension demand, capital rotating toward US growth markets, and an unfavourable sector mix tilted toward energy, banks and miners rather than the technology platforms that dominated the 2010s.

Brexit amplified and accelerated these trends, increasing the UK’s perceived risk premium and damaging confidence at a critical moment.

Investor behaviour has been unambiguous. UK allocations were systematically redeployed to the US, while passive strategies gained share as active UK equity economics deteriorated.

The UK’s footprint in global benchmarks has roughly halved over the past two decades, falling from nearly 10% of the MSCI ACWI to around 4% today.

In the most aggressive sterling-allocation fund category tracked by Morningstar, average UK equity weights have collapsed from 40% to 18%, with the freed-up capital systematically redeployed to US equities.

The asset management industry has felt the chill directly.

Around 380 UK equity strategies have closed since 2016 against just over 200 launches, and the share of total assets sitting in passive UK equity vehicles has climbed from 22% to 46% over the same period.

Active large-cap managers, including Columbia Threadneedle, Jupiter, Liontrust, Aviva and Schroders, have absorbed the heaviest outflows. Vanguard, iShares and Phoenix Group have absorbed the inflows.

The damage was then compounded by Covid-19, the global inflation shock, geopolitical conflict, falling foreign direct investment, weaker goods exports and domestic policy missteps — most notably the gilt market crisis of autumn 2022.

Isolating Brexit’s impact is difficult, Morningstar acknowledges, but there is no serious argument that it did not materially worsen outcomes.

Sterling: Weaker where it matters most

The currency market tells a parallel story. The pound is down about 10% versus the US dollar and 12% versus the euro since the Brexit vote.

Against the world’s two reserve currencies, sterling has lost ground.

On the eve of the Brexit referendum, one pound bought €1.31. Almost a decade later, it buys just €1.15 — a roughly 12% loss of purchasing power against the single currency that the United Kingdom voted to step away from.

The picture sharpens against central and eastern European peers.

Sterling has tumbled over 20% against the Czech koruna and 13% against the Polish zloty, both economies that have absorbed manufacturing capacity and foreign direct investment that might otherwise have flowed to the UK.

Notably, the pound has barely held its ground against the Hungarian forint, eking out a 1.8% gain against one of Europe’s most volatile currencies.

Is there a turning point for UK markets?

The narrative is no longer one-way.

Since 2022, UK equities have outperformed US and global markets, driven by a strong value rotation and resilient dividends — without meaningful multiple expansion, according to Morningstar.

Valuations still reflect pessimism, however.

The UK trades at a 30% to 35% price-to-earnings discount to the US, with small and mid-caps the most depressed relative to history and developed peers.

Elevated mergers and acquisitions activity and record share buybacks suggest corporate insiders and overseas acquirers see value where public investors remain sceptical.

Some fund managers see this as the entry point.

Natalie Bell, fund manager on the Liontrust Economic Advantage team, said in a recent note that “valuations remain significantly depressed versus long run averages and other comparable markets,” adding that her team sees a broad-based valuation reversion opportunity for UK equities, particularly in small and micro-caps, even if the timing and magnitude is difficult to predict.

Others remain more cautious. Mislav Matejka, head of global and European equity strategy at JP Morgan, has argued that British equities often do well when investors turn bearish on everything else, given the FTSE 100’s defensive, liquid profile.

He sees the UK index rising 5% to 10% in 2026 but does not hold an overweight, on the view that the UK lacks a clear growth catalyst comparable to those emerging in Germany or China.

Ten years on from the vote, the question for international investors is no longer whether Brexit hurt UK markets — it is whether the resulting discount has now become the opportunity.