Friends With Money #249: Defence shares rally

In this week's Friends With Money, editor-in-chief Michelle Baltazar speaks with Alex Jamieson of Jamieson Private Wealth about why defence shares have rallied amid widening Middle East conflict, disrupted shipping lanes, and higher oil prices.

Jamieson explains how "defence" now spans drones, robotics, AI, cybersecurity, and software, and argues rising geopolitical risk and NATO catch-up spending make it a longer-term structural theme, though stocks can be cyclical and require active rebalancing and profit-taking.

Episode timestamps

01:30 What counts as defence stocks

02:22 Why defence stocks are rallying

04:02 Do you already have exposure

05:46 Cyclical stocks and profit-taking

07:49 Fear trade or structural trend?

09:58 Defence ETFs to consider

11:53 Stock spotlight: DroneShield

13:21 Ethics of defence investing

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