The consensus on geopolitical risk is backwards. Everyone's focused on (https://www.cnbc.com/2026/07/13/india-june-inflation-oil-food-iran-war.html) pushing energy costs higher and crushing consumer demand—and they're right. But here's what they're missing: defense contractors don't compete on consumer price sensitivity. $RTX posted $22.1B in annual revenue with 2.3% ROIC. $GD is running on steady margins with $13.5B in annual revenue.

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