This case discusses the decision faced by a hypothetical U.S.-based asset manager, Chuck Todd, who has investments in the United Kingdom. Should he buy, sell, or do nothing with regard to these investments in the uncertain environment immediately after the Brexit vote? The case contains financial stock market and curency data as well as economic forecasts shown around the Brexit vote to motivate a debate about the future of United Kingdom, as well as that of the European Union (EU) and the world in general. Many of the stock price reactions of the major indices seemed surprisingly muted (and in many cases positive) upon the announcement, except for the pound, which seems to have unequivocally depreciated against the euro and the U.S. dollar. The reactions of some sectors seem more pronounced than others, which should prompt discussions on the relative attractiveness of various sectors-such as tourism-in the United Kingdom versus others that may be disadvantaged, such as importers. Discussion Questions 1. What should Chuck Todd do in the post-Brexit environment regarding investment in UK assets and why? Would you advise him to buy more, sell, short, or do nothing? 2. Which sectors might fare well post-Brexit? Which ones may be candidates for shorting? Or, should he avoid investing in the United Kingdom altogether? 3. What are the risks of Brexit? What about opportunities? In your opinion, what might be a reasonable way forward for the United Kingdom regarding its relationship with Europe? 4. What does Brexit potentially mean for the EU? Is the EU's future threatened? Or might Brexit present an opportunity for major cities/financial centers in continental Europe, such as Paris, Frankfurt, or Dublin, to take business away from London? Might Brexit be an opportunity for the EU to strengthen its cohesion and integration among its members?