Cheap Enough to Lose: Attritable Mass, Deep Magazines and the New Economics of Defence
Modern warfare is exposing a costly imbalance: sophisticated weapons can cost millions, while the drones they intercept may cost a fraction of that. The result is a growing focus on attritable mass - systems cheap enough to lose, numerous enough to matter, and, crucially, fast enough to replace.
The bigger opportunity sits behind the weapons themselves. As stockpiles deplete and production bottlenecks persist, defence is increasingly becoming an industrial capacity story. From robotics and hypersonics to rocket motors and propellants, the companies best positioned for the next era may be those that treat manufacturing at scale as part of the product.
Our latest article explores why production is becoming deterrence, where the investable opportunities are emerging, and what investors should look for in companies building the next generation of affordable defence capability. Download the PDF to read the complete article and explore the full investment thesis.