Thriving on Change
Brexit - no cause for panic
Change causes & creates opportunities.
The financial markets are in turmoil after the results of the referendum in Britain last week. Britain will leave the European Union after 43 years as an uncomfortable member of this continental collection ruled by the increasingly grasping hands of bureaucrats in Brussels.
Markets generally react unfavourably to unexpected shocks. This result should not have been unexpected. Ever since the referendum was announced over 6 months ago, the experts have predicted that the result would be too close to call.
In the final week before voting day, most polls indicated the "leave" campaign had the edge. The reason for the shock was that on Thursday when voting stations opened, the final poll showed the "remain" side ahead. The British Pound went up, until the results started coming in and it became clear that except for London, England and Wales voted strongly to leave, London, Scotland and Northern Ireland to remain.
The predictions of doom and gloom, damage to the world economy, allegations of nationalism, racism, xenophobia are filling more newspaper columns and twitter feeds than the Japanese Tsunami did.
The Contrarian View
This post is not about the politics of Brexit, whether it is right or wrong, good or bad. Truth is no-one really knows. We are in uncharted territory. Britain leaving, under terms and timing still to be decided, is just an event. An important event that will have far-reaching ramifications, certainly. But not the end of the world.
What is important is how we respond to it.
Few, if any commentators have any real idea of the consequences. For every predictor that London's status as the world's most important financial centre will end, I can find another with compelling reasons that, freed from the restraints of European Union regulations, it will thrive.
The result of the referendum, the panic and concern it has generated are brilliant examples of how easily the media can sway millions of people. How most will follow the herd before establishing the facts.
Despite the uncertainty, Some people will seize the opportunities and make a lot of money. Already holders of precious metals, stocks in some mining and property owning trusts are seeing profits.
There will be great opportunities down the track in some sectors, some jobs will be made redundant, other jobs will be created. Smart traders outside the EU will benefit from trade with the UK.
Change in Perspective
For all the complaints and whining that this decision is an affront to immigrants, refugees and an obstacle to globalisation, compare Canada's relationship to the USA and our immigration policies.
We don't want to be controlled by our much larger Southern neighbour. Our Immigration policies are much tougher than England's. It is easier for many British companies to move goods to customers in Continental Europe than for Canadian businesses in one province to supply customers in another. Just ask brewers in Alberta how easy it is to sell beer in Ontario.
Instead of listening to all the predictors of gloom on this or any other major event do your own thinking, look for the opportunities and make your own decisions.
Some people will always thrive on adversity, many others will be paralysed by the unexpected news.
To succeed and enjoy life you need to be in the first group.
Want examples of thriving on real adversity? Check out my book here