On Friday, June 24th, after a majority of UK voters chose to leave the European Union, the US stock markets took a hit of a few percentage points. The following Monday, the indices dropped a little more. Financial pundits filled the airwaves with gloom and doom, telling us how much value was lost in retirement accounts and other investments and why you should consider moving your money out of stocks and into something else.
By Wednesday, June 29th, the markets had recovered most of their losses. Yesterday, those same indices hit record highs. From here, they may pull back a little bit, or they may go higher. I don’t claim to be an expert — as if anyone who predicts the numbers on a day-by-day or hour-by-hour basis is — but I haven’t seen any of those Chicken Littles who claimed the sky was falling after Brexit stand up to explain how wrong they were and why their advice means nothing.