Stock markets bottom in the early stages of military conflict, says Tom Lee. Here's what the strategist expects now.

Historical precedent suggests risk assets trough not long after wars start While the duration of the war is unknown, Lee acknowledges, he senses Trump wants a quick end Stock markets bottom at the beginning and not end of wars is the reassuring message that Fundstrat's Tom Lee sent to investors in a note coinciding with the first quarter's final trading session. While the war's duration is unknown, Lee looks at seven major conflicts dating back to 1900 and finds equity markets have a habit of troughing early on because investors "price adverse risks early and quickly." Markets usually bottom early...