You're right that geopolitical tension drives demand for RTX and LMT. But (https://www.cnbc.com/2026/06/26/jeremy-grantham-says-this-is-the-most-expensive-market-in-american-history/) this the most expensive market in American history—and the overlooked tell is where that inflation is hitting hardest. Defense primes operate on fixed-price contracts. Wage pressure in Connecticut, California, and Texas doesn't instantly reprice into government budgets.

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