With the Russia-Ukraine war continuing to rattle global equity markets, we revisit historical analogs of how markets typically behave around wars. The following is an excerpt from our Feb 2020 report, Recessions and Shocks. We find that markets tend not to front-run the evolution of an exogenous event the same way they do with business cycles. Markets, historically, have often waited for a tangible improvement to the underlying event that caused their sell-off before they reach a tradeable bottom.With the Russia-Ukraine war continuing to rattle global equity markets, we revisit historical analogs of how markets typically behave around wars. The following is an excerpt from our Feb 2020 report, Recessions and Shocks. We find that markets tend not to front-run the evolution of an exogenous event the same way they do with business cycles. Markets, historically, have often waited for a tangible improvement to the underlying event that caused their sell-off before they reach a tradeable bottom.