The ongoing Russia/Ukraine conflict is closest to the invasion of Kuwait by Iraq back in 1990. A quick glance at the numbers shows that the current conflict has the potential to impact the world's economy far more than the Gulf War did back then. What surprises us therefore is the complacency with which the equity market seems to be looking at the current conflict. From the date of invasion, most equity indices have barely moved, while they fell between 20% and 30% back in 1990. Even if we start counting from this year's peaks (which would mean including in the performance, the market's reaction to an outlook of rising interest rates… something that has nothing to do with the Russia/Ukraine conflict), SMid-Cap indices have lost only a third of what they did back in 1990