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Why the defence business makes for a defensive play

Companies in the business are recession-proof, generate high returns on equity, and are efficient in the use of assets. What's not to like?

WAR is not something that anyone likes to think about or get involved in. Most of us, I am sure, would much prefer peace. I know I would. Consequently, investing in the trappings of war can make some people a little uncomfortable. Nobody wants to profit from the misery of others.

There is...

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