Picture a married couple in their mid-60s, both healthy, staring at a brokerage statement that finally looks generous again.

Normally, we'd assume that the weekend's renewed airstrikes on Iran (and by Iran on ships and neighboring nations) would push ...

We analyze real returns on U.S. and U.K. government debt during major wars and the COVID-19 pandemic over the past three centuries. Wars are associated with sharply negative real returns on ...