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 * Markets
 * The Intelligent Investor


THE SECRET TO BRAVING A WILD MARKET


FOR MOST OF THE PAST DECADE, INVESTING HAS REQUIRED ALMOST NO COURAGE AT ALL.
THAT MAY WELL BE CHANGING.

Russia’s Ukraine Invasion Has Stocks in Turmoil but Oil Prices Rising
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Conflicts like Russia’s invasion of Ukraine have historically sent stock prices
lower and boosted the value of certain commodities. WSJ’s Dion Rabouin explains
the investor psychology that's moving markets. Photo: Justin
Lane/EPA-EFE/Shutterstock
By
Jason Zweig
March 11, 2022 11:21 am ET

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In the fall of 1939, just after Adolf Hitler’s forces blasted into Poland and
plunged the world into war, a young man from a small town in Tennessee
instructed his broker to buy $100 worth of every stock trading on a major U.S.
exchange for less than $1 per share.

His broker reported back that he’d bought a sliver of every company trading
under $1 that wasn’t bankrupt. “No, no,” exclaimed the client, “I want them all.
Every last one, bankrupt or not.” He ended up with 104 companies, 34 of them in
bankruptcy.


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