Defence Stocks and the Replacement Trade | Why Lockheed Martin Wins

Wars burn hardware, and rebuilding it takes years. This week Simon Brown works through the defence sector as a replacement thesis — the US fired roughly half its THAAD interceptor stockpile in twelve days against Iran — and settles on Lockheed Martin as his pick, with RTX as a second choice. He weighs the faster-growing but pricier European names (Leonardo, Thales, BAE Systems, Rheinmetall), runs…