And so goes England from the Euro-zone. An unhappy alliance is now on the rocks. There are more questions than answers to the ultimate impacts for both parties. We say England, because we are not sure that the two other components of Britain and the United Kingdom, Scotland and Northern Ireland, will not split off and remain in the EU.

With all this uncertainty, stock markets do what they do and go down as investors reduce positions until a little clarity returns.

As for the United States, the economic impact is pretty minor. The real worry surrounds large international banks. These often trade currencies and may have other guarantees that produce unexpected results. Not knowing what may emerge, many investors seek to reduce risk or at the very least stay away. Fear is likely to be far greater than the actual results, at least for U.S. based investors.

We are sorting through the best information we have and will make appropriate adjustments. We have already let cash reserves increase.

It is unlikely that we make a wholesale decision to go to the sidelines. It is more likely that we will seek to pick up a few bargains as others over-react. Stay steady, my friends.

El Solo Toro