The consolidation of defense contractors has led to a lack of competition, which is a root cause of inefficiencies in the defense industrial base.

The rise of innovative defense startups, like those led by Palmer Luckey, offers hope for revitalizing the defense sector with fresh ideas and competition.

The consolidation of the banking industry post-2008 has led to fewer new banks being created, which limits competition and innovation.

Investing in defense tech is booming, but the market is not as limitless as it seems; there are mature and emergent competitors, and the available budget is often more constrained than perceived.

The separation of commercial and defense innovation since the 1970s has led to a decline in the effectiveness of the defense industrial base.

The automotive industry in China is highly competitive, with numerous companies innovating rapidly, driven by government consolidation efforts.

The landscape of defense technology has changed dramatically post-Ukraine, with a surge of interest and investment in venture-backed defense companies, which were previously rare in Silicon Valley.

In the defense sector, we work across various verticals, using the same products for both defense and commercial applications, which helps subsidize expensive technologies.

Good deflation is driven by innovation, while bad deflation is linked to disintermediation and disruption of traditional industries, putting many companies at risk.