It has been a really long time since I see three consecutive months of negative returns in my portfolio. Given the turmoil created by the war, I guess it is little surprise that I'm seeing negative returns by the end of Q1 2026 Q1 markets essentially played out in two phases relative to the US–Iran war timeline: a relatively stable start, followed by a sharp geopolitical shock late in the quarter. The conflict began on 28 Feb 2026 with U.S.–Israel strikes , and while equities were initially resilient, the escalation through March triggered an oil spike, rising inflation expectations, and increased volatility across stocks, bonds, and credit . By quarter-end, the S&P 500 had fallen roughly ~5% for Q1, with most of the drawdown concentrated after the war intensified . In short, markets started the quarter pricing rate cuts and AI-driven growth, but ended it repricing for an energy shock and geopolitical risk premium, with the Iran war dominating sentiment in the final weeks. Here is an overview of my portfolio's performance....