With markets in turmoil, a period of quiet contemplation might not feel like the right move. But panic often gives way to tunnel vision. So reflecting on how markets fared following a similar shock, rather than succumbing to the herd instinct, could be a sensible place to start.
The aftermath of last week's vote on EU membership was reminiscent of Britain's forced exit from the Exchange Rate Mechanism (ERM) in 1992, though the political fallout is likely to endure this time around. As seemed likely, sterling has been the primary casualty of the 'out' vote, but the UK's current account deficit is much wider than it was when Norman Lamont was chancellor of the exchequer.