Brexit

Well the conventional wisdom was that United Kingdom would remain part of the European Union.
The “markets” don’t like uncertainty and they definitely don’t like surprises.
Friday was the reaction to the surprise.
Over the next few days / weeks we will see how the market reacts to the uncertainty.
In and of itself, not being in the European Union is not a disaster, but it will be unsettling at least until everyone figures out what’s really going to happen.
The real challenge may be to figure out the unintended consequences!