War vs. Markets

War vs. Markets

April 22, 2026 · 30 min

About this episode

Don and Tom discuss the short-term impacts of war on stock markets and the importance of long-term economic factors.

War headlines dominate attention, but history shows they rarely have lasting impacts on stock markets. Don and Tom break down why geopolitical events—despite their emotional weight—typically cause only short-term volatility, while long-term returns are driven by economic growth and corporate earnings. They reinforce the importance of global diversification, push back hard against market-timing myths (with a great 1929 example), and remind investors that reacting to headlines is a losing game....

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Hosts: Don McDonald, Tom

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