The consensus narrative is ironclad: geopolitical tension = defense demand = free money. (https://www.cnbc.com/2026/06/26/jeremy-grantham-says-this-is-the-most-expensive-market-in-american-history.html) this "the most expensive market in American history," but defense contractors are the *exception* — they're the hedges. Except the insider tape tells a different story. LMT's Timothy Cahill sold 1,280 shares in early March.

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