WWII equity returns (USD): Axis equities outperformed 1939–1942 during Axis military dominance; Allied equities outperformed 1942–1945. When markets reopened post-war, Germany and Japan saw massive declines. The market was forward-pricing military outcomes: Midway (June 1942) was the turning point. Implication: equity markets in great-power conflicts price geopolitical momentum, not just economic fundamentals. The losing side’s equity rally during early dominance creates a false signal — buy-and-hold losing-side equity investors were destroyed even after initial gains.