During WWII, both Allied and Axis major powers implemented comprehensive asset and economic controls: rationing, production controls, price/wage controls, trade restrictions, and central bank control. This means that in a major war scenario, investors on both winning and losing sides face government intervention that dominates market returns. Asset class performance during wartime is government-driven, not market-driven. The US was unique in keeping equity markets open and avoiding central bank full takeover — explaining why US equities provided positive real returns even during WWII.