The biggest news development during the quarter came in the final few days – this of course was Britain voting to leave the European Union (Brexit) on June 23rd. The S&P500 lost 133 points or 5.3% in two days, only to recover most of the losses (99 points or 4.9%) by June 30th. We published our thoughts on Brexit in a quick note at that time, but it’s probably worth a recap along with our subsequent thoughts. To simplify, Brexit probably means three things: reduced economic growth in the short term at least for the UK and the EU, greater uncertainty and possibly a stronger US dollar.