The next crash or a damp squib?
Japanese TV seems to be loving the Brexit situation. I've been watching long, detailed analyses for the last few days.
This is an important event for me, as a British citizen with deep connections to Europe. I had even hoped to live and possibly work there in the future. For personal reasons as well as all the economic and political ones, I would prefer that the UK stay in Europe.
However, there is a chance it won't, and it's worth looking at what that might mean.
First of all, I think it is fairly unlikely that the UK population will vote Leave on Thursday. Much like we saw in Scotland a couple of years ago, what is essentially a protest vote fueled by anger is likely to wilt when facing economic uncertainty.
To some extent, the consequences of a UK exit are already priced into the markets. The pound is weak, the yen is stronger, the UK and global stock markets are down. If the Remain campaign wins we can guess that these will reverse.
And if the UK votes to leave?
I imagine there will be an overreaction on Friday, which will spill over into other markets. Might make for some buying opportunities if you have spare cash lying around.
What I would not do is make any hasty decisions. Hopefully you have invested according to a long-term plan, and a temporary event this month should not change that.
Unless you are going shopping, ignore the news and don't look at your portfolio until September.