Quote:
Originally Posted by Daveymaclad
Yes the markets took a tumble today but that's more due to traders guessing big and wrong. Whenever they guess big and wrong (housing m arket anyone!) the whole economy goes into kneejerk reaction mode.
Putting it into perspective for a second, when the ftse opened it crashed by an unprecedented margin, but by the end of the day that 8%odd was down to 2.4% and the closing figure today was UP nearly 1% from just FIVE DAYS AGO. This shows that there was a big gamble made in the city of a narrow win for remain and many saw that as an easy flip of their portfolio - it wasn't. It's also up from the beginning of the year.
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This morning wiped £8k of my Stocks and Shares ISA portfolio as opposed to yesterday, but I'm not worried because I'm not a trader, the results I want are long term for my retirement so over the course of that time this little blip in the markets (the last year really) will be only a small adjustment over the long term.
There will be more volatile swings in both directions but short termism isn't part of my outlook, those traders that gambled should suffer for it, that's the problem with people counting their (or someone else's) chickens before they hatch.
The same smugness and now pain is being felt by the EU who really haven't thought the implications of us not falling into line. Heads are rolling, I'm quite looking forward to this uncertainty now, I'm sure we will make the best of it but it's not going to be quick or painless moving forward.
I can also see why the Scots want a referendum on independence based on how they voted for remain (by and large) - they should get it, why should they be denied the same choice?