For the last few weeks, anticipation was building of Russia’s next move. Last night, Russian President Vladimir Putin ordered a military operation in Ukraine. While the geopolitical environment continues to be unstable and the loss of life due to this attack should be at the forefront, we wanted to share our perspective on the market’s reactions in a historical context of military conflicts.

The graph above shows historical price movements of the S&P 500 with the shaded area illustrating the lead up to the invasion and the dotted line showing the performance 18 months after. While each instance was different and ramifications varied, the anticipation of the attack is where much of the pain in the market stemmed from. In the days and months following the attack, the price movement of the markets have been positive in the instances below. While past performance is not indicative of future results, it is always good to recall on history and reference that framework for what will happen next.

Presented by the Investment Committee of Lake Street, an SEC Registered Investment Adviser

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