Tony Bancroft thinks “there’s quite a bit more spending needed” in the defense sector to replenish the supplies used over the weekend. He expects defense budgets to increase around the world, creating a long-term tailwind. He highlights some smaller players in the defense space as well as the major companies like Lockheed Martin (LMT), RTX (RTX) and more. Tony looks at the whole supply chain and the boost in production rates by many companies.