# content
https://bnarchives.net/id/eprint/885/2/20260300_bn_me_danger_zones_a_2026_update.pdf

"since 1976 (1) all energy conflicts were preceded by the world’s integrated oil companies suffering negative differential earnings growth; (2) all conflicts were followed by the integrated oil companies experiencing positive differential earnings growth; (3) the integrated #oil companies have not managed to beat the average without a prior energy conflict"
Stocks down, start war, make profit, rinse-repeat.