Title: The Delicate Balance: Why Conflict Doesn’t Automatically Boost Defense Shares

Defense equities do not necessarily thrive in times of war. Their success hinges on a specific political calculus: governments must desire a sufficient quantity of armaments to meet security needs, yet refrain from over-purchasing. In other words, military stocks perform best only when state spending is calibrated to be "just enough," avoiding the pitfalls of excess procurement.

Source: The Economist Generated at: 2026-03-03 20:19:26 UTC