I agree that people summarize things in a sensationalist manner, and that cherry-picking endpoints is unreasonable. I disagree that the pound hasn't tumbled: it

I agree that people summarize things in a sensationalist manner, and that cherry-picking endpoints is unreasonable. I disagree that the pound hasn't tumbled: it did in fact drop substantially in a very short period of time. I also don't really agree that you get a clearer understanding of the market response in the long term. In the short term, it's very clear that the market is reacting to a single event. In the long term, you have to try to separate the effects of this event from all the others, which is dramatically more difficult. Also, even if you don't know which way it'll go, you are making some claim about how the market will behave. It sounds like you're predicting a decrease in volatility? Ok, you can bet on that. If not that, then what? If you aren't predicting something that can be bet on, you aren't predicting anything at all.