[jltsiren]

Sweden, Switzerland, and the US are obvious outliers. Their economies have been abnormally stable, because they have not faced revolutions, civil wars, foreign occupations, and other forms of widespread destruction in a long time.

[ptr]

I’m not sure that’s it. Sure, Norway was invaded but it was a pretty “benign” invasion in comparison to what happened to others. Same with Denmark. Would be interesting to see their stock market returns.