As U.K. Prime Minister Theresa May plotted with her cabinet this weekend about the country's plan for Brexit, doomsday-predictors should have every reason to be amazed at where asset prices sit today.
Funnily enough, market-savvy Brexiteers I spoke to in the aftermath of the vote were surprised but sanguine, saying markets always overreact. Clearly, in the short term, they were right, with the reaction to Brexit unexpectedly benign. Though I do think it's worth asking whether investors have become too complacent about political uncertainty as a result.
And here we are two months on and investors seem more relaxed about political risk than they were pre-vote.
My greatest fear was that the vote would reinforce anti-establishment movements elsewhere in the world and in particular in Europe – with further calls for referendums on the future of the European Union. Think the Netherlands, Finland and France with the rise of the National Front. However, in fact so far only PM Viktor Orban of Hungary has followed the U.K.'s suit with a referendum set for October but otherwise the noise quickly died down.