It’s hard to fathom why the usually reasonable British decided to jump into the dark by voting to leave the European Union. Markets are having a tough time believing it as well with European markets down 7-8% and a plunge in the British pound by 8%, its biggest one-day loss ever. U.S. markets have dropped 3.5% heading into the weekend.

According to folklore, a common question posed to new soldiers during the American Civil War was, “Have you seen the elephant?” Camp newcomers who had no experience with direct combat were viewed skeptically until they had survived the stress and terror of battle—the elephant. Those units that had an uncommon ability to maintain order and discipline in the face of battlefield chaos were often recognized with names like “The Iron Brigade.”