I’m guessing close to all of you have read about (been inundated with?) the surprising vote by the United Kingdom to leave the European Union after 40-plus years. What strikes me is the utter futility in trying to predict what will happen. My goodness, the experts were so wrong on the outcome of the vote with all of the polling data etc. that the idea they are going to successfully predict the future path amid the mind boggling complexity just doesn’t make sense to me.
The slogan “Keep Calm and Carry On” was created by the British government in June 1939 as a way to raise morale before World War II. While the stakes are much different, investors may need similar moral support today after citizens of the United Kingdom unexpectedly voted in favor of exiting the European Union last week.