On Friday, we emailed a special notice to our clients concerning the UK vote on BREXIT. Here it is again in case you missed the email:

“The BREXIT vote was a big surprise. We can’t know exactly how things are going to turn out.  But we have faith in the future to know that things are going to turn out all right. The prosperity of the world’s richest, deepest, most entrepreneurial, most productive, and most flexible, most transparent capitalist economy – ours- will continue to advance.

We are closely monitoring the effects of the vote and will implement adjustments as needed in your portfolio. Now is not the time to make a knee-jerk reaction to sell large parts of an investment portfolio”

AND, HERE IS SOME ADDITIONAL COMMENTS FROM MORNINGSTAR: It’s easy to say that you’re invested for the long term and that you’re going to ignore any short-term noise in the market. It’s much harder to stick to that discipline when the Dow is down over 600 points in a day and there is mounting uncertainty about the future of the global economy. Our initial take is that the exit will have a meaningful impact on some sectors (like U.K. banks) but is unlikely to cause a dramatic change to our view of most companies or the value of a broadly diversified portfolio. That being said, more volatility in the days and weeks to come is a distinct possibility, and on the whole we don’t see equities as being significantly undervalued. Patience and selectivity will be important virtues for any bargain-hunters.