Much of what you say is in my opinion correct, however the chances of conflict have risen markedly in recent times and the ADF are scrambling to come to terms with the changes in the global environment, e.g. our submarine program with Naval Group, 12x to be delivered in total, first sometime 2030 the final sub in 2050!
If you listen to some of Jim Molan’s commentary on the topic, the threat is elevated in comparison to a couple of years ago, and now with a weaker “Biden” America, China in my view are emboldened somewhat.
How this effects PLS moving forward remains to be seen, conflict wouldn’t be good so yes it is important to have a diverse customer base.
Reality is if there is major conflict many stocks will perform badly, and that will be the least of everyone’s problems in my view.......toilet paper supply will be for many, a more pressing issue.
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