The United Kingdom’s (U.K.) unexpected decision to leave the European Union (EU) sent markets reeling on Friday (June 24, 2016). The S&P suffered a 3.6% decline, its worst day of 2016. But that loss was muted in comparison to the 8.6% drop in Europe’s EURO STOXX 50 Index — its biggest one-day loss in 30 years — or the nearly 9% drop in the British pound versus the U.S. dollar to a 31-year low. Investors fled to safe havens such as U.S. Treasuries, the U.S. dollar, and gold amid the political uncertainty. These moves were exaggerated by the unwinding of “remain” trades that were made in the days leading up to the vote, when global equities, European markets, and banks in particular, had risen.