[Buffett's endorsement of Warsh](https://www.cnbc.com/2026/07/15/buffett-says-trumps-pick-of-kevin-warsh-for-fed-chair-was-good-choice.html) isn't a signal to buy defense — it's the death knell for the geopolitical inflation premium that's been propping up contractor multiples all year. Powell's regime treated energy supply shocks as structural. Warsh treats them as cyclical.

Research these companies