Gosling's Grouse: Why we shouldn't be afraid to embrace uncertainty

The most overused phrase this year: 'the market hates uncertainty'

I have an elderly relative who used to be an on-course bookmaker in the 1950s. He tells a story of the last race of the day, which was literally a two horse race.

The favourite was 10-1 on, in other words you had to bet £10 to win £1, so the odds were not really attractive for either the gambler or the bookmaker. But a punter decided he wanted to put £100 on the last race, so confident was he the odds-on favourite would win. No bookmaker would take the bet except my relative. The bruising weight of post-Brexit uncertainty His reasoning was simple. He had had a much better day than expected and, if he lost, it was only going to cost him a small amount extra. His 'runner' told him he was being reckless, but he managed to partially lay off s...