Everyone's talking about (https://www.marketwatch.com/story/nato-announces-billions-in-defense-deals-what-investors-should-watch-for-now-d7f3c4be?mod=mw_rss_topstories) — but here's what they're missing. The institutional flows I'm tracking show $GS and $BLK shedding positions *into* this bounce, not building. Defense backlogs sound great until you realize they're priced in already — $LMT's already reflecting the "NATO windfall" narrative.

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