The Brexit vote and its aftermath has dwarfed all other financial and political events during the past quarter. Immediately post the June 23rd vote, we shared with you our views on this event. After digesting the news for the past two weeks, our position has not changed much. Our overriding concern lies with the uncertainty this outcome has caused and the potential contagion to other markets globally. While we do not believe this will trigger a financial crisis in the order of magnitude of a Lehman failure, we do need to be cognizant of what appears to be a fundamental change in the environment.