March 13, 2026 03:24 PM GMT Aerospace & Defense | North America Flyby: From Black Swan to Fat- Tail – Increasing Geopolitical Instability Provides Structural Support for US Defense The ongoing conflict in the Middle East underscores that geopolitical "fat-tail" events are no longer theoretical outliers, but recurring realities. In our view, structurally elevated global instability supports sustained growth in US defense spending, reinforcing our Attractive sector view. The ongoing conflict in the Middle Eas ...