The link between geopolitical events and market returns
is a subject of much debate among both academics and
investors. On one hand, it is clear that markets tend to initially
react negatively to surprising geopolitical events. However,
as time passes, they soon shrug off the event. Table 1 shows
how in most cases, markets recover significantly a year after
their initial negative reaction.

PCS Portfolio Watch_Geopolitics_The Risks and Impact on Portfolios_February 2022.pdf