The NY Arca defense index climbed more than 150% between 2020 and 2025, meaning the conflict premium was already baked into valuations before Europe announced rearmament.
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“The index had climbed more than 150% between 2020 and 2025. So the stocks were priced for a war before anyone announced one.”
Created: 7/11/2026, 9:13:21 PM
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