Fragility and Resilience, Part II
Global markets slumped in March as American and Israeli attacks on Iran triggered a regional war and sharp rise in energy prices. As discussed last week, this marks the fifth major crisis to hit the world in a mere six years, following Covid-19, the post-pandemic inflation surge, the Russian invasion of Ukraine, and the 2025 US tariff shock. Each time, markets bounced back quickly even though uncertainty remained. The returns over this turbulent period are probably much better than anyone would have expected had they known in advance what was coming.