Have no fear, Goldman is here (via FT Alphaville).

It seems Goldman is still generally bullish on UK equities, but the basic idea of the trade is to go long stocks with high foreign exposure (that will benefit from a pound slump) and to go short companies with high domestic exposure. It’s a pair trade that would likely be somewhat neutral until a pound collapse. (Though if the pound surges, it could go haywire, we’d imagine).

So, for companies to go long, you’re looking at exporters like:

• Royal Dutch Shell (energy)
• AstraZeneca (pharma)
• Diageo (liquor)
• Unilever (food)
• Vodafone (telecom)

And for domestic companies to short, you’d look for such companies as:

• RBS (finance)
• Marks & Spencer (retail)
• Ladbrokes (gambling)
• Lloyds (finance)

Seems clever enough, and you don’t even need to start trading forex.