by Daniel Ortwerth, CFA & Patrick Fearon-Hernandez, CFA | PDF
Fifteen years ago, a revolution in United States national security policy began very quietly. It occurred within a subject we have recently addressed in this forum and that is re-emerging as a hot topic of discussion in national security circles after a long hiatus: deterrence, and specifically the unique role of nuclear weaponry as the preeminent deterrent force. This report uses the timeline and key events of the last 15 years to illustrate the current modernization program for the US military’s nuclear enterprise and to examine how it relates to today’s global geopolitical landscape. The report concludes with a discussion of the program’s implications for investors.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.
