A very balanced post with interesting insights. The defense...

A very balanced post with interesting insights. The defense sector is in a really nice place now so hopefully they don't burn through all the profits in expansion and increased R&D so the CR's can stop.

On the auto side, I ran through the Ford sums many moons ago here and came to the same conclusion - low volume low value parts won't make any money in and of themselves.

Panels in premium brands might work though, as could large sub-frames, chassis/and monocoque structures.

If they can find a niche, like carbon revolution have, even aftermarket is an option to cut out the manufacturers.

I guess the partnership model is another way to break into the supply chain, even if you are taking a haircut.

So all in all much more positive now, but still waiting to get in on this one, as the clouds never quite part far enough!