I generally agree.

This bit I see differently, though only with ~ 30% confidence.

> vast majority of the companies in the S&P 500 have nothing to do with defense, shipping or natural resources.

If you were evaluating the impact that a road has, and you looked at all the vehicles that passed over it every day, most of the vehicles you see would be in other industries — retail, industrial, commercial, domestic — very few of them are professional bitumen pourers who make roads. So clearly bitumen pouring only affects a low percentage of the city.