Brexit

Britain has done the sensible thing and voted to leave the EU. Now listen to all that bleating from the rest of Europe will you. And the markets were down, yay, cheap buys for all us value investors.

Will Britain's exit be a negative for Britain or the EU? I think neither. If you look at what Britain manufactures, it is of more interest to the rest of the world than western Europe. Most of the rest of the EU already make lots of what Britain makes, and they skew the playing field to freeze Britain out. Now the playing field can be levelled up.

For the EU, they lose a cash cow in the UK. But life will just go on for them as it does now.

A significant event then, rather like the Arab spring. But it will not foreshadow a crash.