Stock Markets Usually Go Up. Sometimes, They Go Away.

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This week, the stock market shut down in Moscow, and Russian shares collapsed on other exchanges, including in London and New York. Exchange-traded funds specializing in Russian stocks are down 90% or more from their highs shortly before the invasion of Ukraine—but, as of Friday, most of them are also frozen.

A fact of financial life that most investors have forgotten is that markets aren’t always liquid or continuous. They can dry up, or even die.

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