Good afternoon!

There's nothing of interest in results or trading updates today, so I'll do a summary of the Brexit situation & points arising instead.

What an exciting, and chaotic 24 hours! I've only had 2 hours sleep, so am not sure how much I'll be able to write today before I flake out. Last night was undoubtedly the most exciting election I've ever experienced. Everyone seemed convinced that Remain would win, with 52:48, but it quickly became apparent that Leave were doing unexpectedly well.

Luckily, I spotted the opportunity to have a wager, and did some nifty trades which paid off very well. Good thing too, because today has been carnage - with small caps marked down 10-15% across the board pre-opening, and then further falls if anyone tried to sell.

I can still barely believe that the British people overall (principally non-London England, and Wales) have voted to leave the EU. It's simply staggering. Although I voted Remain (a last minute change of heart), I'm perfectly happy with the Leave outcome. In any case, we all have to accept the democratic outcome of the Referendum, and get on with it. I've got no time for people who whinge about the outcome. It's done, and let's all now come together and make the UK outside of the EU a great success.

A few further comments;

A 52:48 Leave win is not exactly a landslide. I wonder if Cameron & EU might try to cobble together a compromise - e.g. a new associate status for the UK, rather than full withdrawal?

Nothing much happens in the immediate future anyway - apart from the introduction of massive uncertainty into many areas of life. Plus a 2-year negotiated withdrawal process (which has not yet begun).

PM Cameron resigning, but not for 3 months. Osborne must go too.

Polls & betting odds were (once again) completely wrong, throughout the campaign. How can this be? Are polls any use at all?

FTSE 100 - I shorted this, but after a big initial drop, wondered why it was recovering strongly back up to over 6,000. The reason is of course that c.70% of FTSE 100 earnings are overseas. So with sterling having sold off considerably, that actually enhances the sterling value of earnings.

Sterling - amazingly, this apparently both a 6 month high, and a 6 month low, on the same day! The range today has been between £1 = $1.32 and £1 = $1.50. Mind-boggling!…

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