I keep a watch list of stocks that I'd like to buy or short at a certain price. On the long side, I swoop in and buy during big selling periods, which are often caused by an exogenous event. Well, now we have it with Brexit. At this point, we don't know how great a negative impact there will be on individual stocks. Some will be more affected than others.
I'm betting, however, that Friday's 8 percent plunge in the shares of NXP Semiconductors is a terrific buying opportunity for patient investors. Brexit shouldn't be responsible for today's $2.6 billion drop in its market cap.