Summary of an article by Kliment Robev
In brief
Kliment Robev examines the apparent paradox of stock indices in countries touched by war — Poland, Israel and Russia — ranking among the best performers in the first half of 2025, and explains the logic behind it.
Key points
- Poland’s WIG20 leads the world’s stock indices since the start of the year, supported by economic growth, strong corporate earnings and attractive valuations.
- Israel’s TA-35 rose 23.5% in the first half despite the military conflict with Iran, helped by the technology sector, the IPO market and support from Washington. Russia’s RTSI ranks third for growth.
- “Financial markets have no conscience”: participants measure everything as risk taken against potential return, and the emotions at play are fear and greed.
- When a war looks localised and contained, and the state and industry are running at full capacity, the risk enters the equation as justified. For Robev this is investment pragmatism, not cruelty.
- Markets often rise in the darkest moments and fall when everything seems calm, because they seek opportunity, not justice.
Context
Published on 9 July 2025, after the end of the first half of the year and days after the military conflict between Israel and Iran.
Views reflect his position at the date of publication and are not investment advice. Regulatory information
