Fiduciary Management Inc. (FMI), an independent money management firm, released its first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The onset of the Iran war disrupted the stability of Global stock markets in early 2026, with the S&P 500 and MSCI World indices declining 4.33% and 3.57%, respectively, while the Russell 2000 and MSCI EAFE (local, USD) fared a bit better at 0.89%, 0.15%, and -1.24%, respectively. As oil costs rise and the war continues, risk appetites have decr ...