SMICY - Rethinking The Defense Industry

• We have historically defined the “defense industry” as Dwight Eisenhower did with the expression, “military-industrial complex”.
• However, given geo-political tensions, the term should be expanded to include companies critical to our global competitive position.
• This adaptation has opened my eyes to US-centric supply-chain investing including, most recently, in MP Materials and Lynas Rare Earths.
• The concept has near-equal relevance to investing in companies here at home upon which our international competitors depend.

For further details see: