Missiles & Markets

Markets followed a familiar playbook after missiles began flying over Iran on 28 February 2026: initially, oil prices surged, equities dropped, and investors rushed into safe havens; then, a sudden U-turn occurred and investors scrambled for the exits. In 2022, when Russia invaded Ukraine, this playbook took about 3 months to unfold. However, in 2026, the playbook associated with the War in Iran was only a few days. Importantly for investors, the sell-down was rapid and the aftermath has created potential buying opportunities. At Acorn Capital, rather than trying to time the bottom of the market, we are pursuing quality stocks at what we believe are attractive valuations, before market conditions normalise.