Uncertainty is never good for stocks. While (unfortunately) the dispute is certainly not 'new', there is a higher risk this time we think of an escalation. An escalation would not be good for any sector, other than perhaps the defense sector and oil. Energy is the biggest risk, considering the location of the conflict and the possibility that Iran gets more involved. Energy stocks could do very well if oil approached $100. With equities there are always uncertainties. So far, the stock market has taken things in stride. To 'go to cash' means one has to be able to predict both the timing, severity and resolution of the conflict, and we would not suggest that. Simply, we would keep cash at a 'sleep at night' level. It is a sad fact that markets have actually often risen in times of war. Not that it is 'good' of course, but more likely that it is so common that investors just consider it another form of risk with equities in general.
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