There is nothing quite like a war to cause fear amongst investors, not just here in the U.S., but worldwide. No one can predict with certainty the outcome or timeline of this conflict. The one area we can control is our emotions.

Prior to the conflict, earnings trends were generally solid, with 70-75% of companies in the S&P 500 beating or matching expectations. This suggests the current volatility is being driven more by uncertainty than a sudden decline in fundamentals.

It's easy to say, in hindsight, how we wish we bought more oil and gas or defense stocks last year when they were much cheaper. Those assets that benefit from this war are already expensive. I am more inclined to buy stocks that have sold off because of the conflict. We are witnessing the first four weeks of decline since last spring's tariff scare. No one knows how or exactly when this conflict ends, only that eventually it will end. At which time we will start to focus back on earnings and interest rates. In the meantime, we should avoid taking drastic actions within our portfolio.

When unexpected events or negative news hits, investors are often tempted to react emotionally or try to time the market, and it almost always delivers subpar returns as opposed to staying the course and remaining long-term investors.

We have already had a rolling bear market over the last three years in 70% of the stocks here and worldwide. We continue to believe in this bull market and avoid the temptation to try and time the top. Stay invested in stocks with strong earnings, healthy balance sheets, dependable dividends and good fundamentals for the long term.