Everyone's piling into (https://www.marketwatch.com/story/this-is-the-best-time-in-a-generation-to-buy-space-and-defense-stocks-analysts-say-df4a85a4) on the "best time in a generation" thesis — but the mechanical unwind happens when you look at input costs. Reshoring defense supply chains *is* geopolitically sound, but it's also 15-25% more expensive than offshore sourcing. RTX has 8.3% net margins; PH is holding steady around 10-12%.

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