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A Stunning Victory for 'Leave'

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Guess how they voted.

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Farewell to the European Union

The pound plummeted to a 30-year low, European markets nosedived, and David Cameron announced he'd resign as prime minister after British voters chose to leave the EU on Thursday -- a move that left many in London and Brussels panicked. On Twitter, Mohamed El-Erian charted the markets' volatile response, while Megan McArdle offered a warning: "Nationalism is real. Elites forget this at their peril."

Back at Bloomberg View, the editorial board considers how to contain the risk (especially amid rising anti-EU sentiment in other countries), and Mark Gilbert says the challenge is to keep hostilities from rising. Yorkshire-born Clive Crook will take questions about Brexit's economic implications on Reddit at 12 p.m. EDT Friday.

A Blow to Undocumented Immigrants, and Obama

In other big news, the U.S. Supreme Court split 4-4 on President Obama's executive order on immigration, which would have protected some 4 million undocumented immigrants from deportation. The deadlock essentially means the end of the reforms -- at least for the rest of this administration. Noah Feldman offers three lessons from Obama's defeat, while the editorial board argues the fight isn't over yet.

Affirmative Action Survives the High Court

The justices also delivered a surprise victory to affirmative action supporters on Thursday, ruling 4-3 that the University of Texas could continue taking race into account in admissions. Cass Sunstein calls the ruling "a much-needed blow for judicial modesty," while the editorial board suggests new approaches are needed to make universities look more like America. 

The Boars of Brazil

And then there's this: Combating an invasion of wild hogs is tough in a nation where hunting is virtually outlawed. Mac Margolis explains how a Brazilian food fad became a scourge, and then a bureaucratic nightmare. 

Ritholtz's Reads

  • TV advertising's surprising strength -- and inevitable fall (Stratechery)
  • A lottery lawyer explains what to do if you hit the jackpot (Vice)
  • Inside Trump's most valuable tower: felons, dictators, Girl Scouts (Bloomberg)

(Read Barry Ritholtz's full daily news roundup.)

Bloomberg Gadfly 

(Read more from BV's sister site for fast business commentary.)

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