Known Unknowns vs. Unknown Unknowns
“Britain Stuns World With Vote to Leave E.U.; Cameron Plans to Resign, and Markets Fall.”
–headline, NYT (6/24/2016).
Is the British exit (“Brexit”) from the European Union — roiling global stock markets today — a Black Swan?
I’d say “no.”
Sell First, Ask Questions Later
A Black Swan is an unknown unknown; by contrast, the Brexit vote was very much a known unknown.
How will it effect the housing market?
Stay tuned . . .
P.S.: Likely to exacerbate the carnage today: investors’ propensity to “sell first, ask questions later,” especially going into a Summer weekend.
See also, “White Swans, Gray Swans & Energy Analysts.“