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Breaking Down the US Defense Budget: The Key Discussion Points Ahead of Our Call - defense budget

Hedgeye's Defense Policy Team – led by Sector Head Lt. General Emerson "Emo" Gardner – will be hosting a deep dive institutional call to discuss the three themes that underline the Pentagon budget environment in FY18.

Associated companies: Lockheed Martin (LMT), Boeing (BA), General Dynamics (GD), Huntington Ingalls Industries (HII), Northrop Grumman (NOC), Raytheon (RTN)

The call will take place on Thursday June 15, at 2 pm ET. Email sales@hedgeye.com for more information.

Key Discussion Points:

  • Recapitalizing after 16 yrs of Counterterrorism Warfare: The need to recapitalize big ticket procurement programs and the restoration of readiness for near-peer competition after 16 years of counterinsurgency/counterterrorism warfare. 
  • Competition for Resources: Defense is competing for resources within a discretionary topline constrained by law and fiscal reality.  
  • Funding Expectations: Likely increases in funding vs consensus expectations. 


General Gardner completed 37 years of distinguished service as a Marine officer in 2010, most recently in the Office of Secretary of Defense as Principal Deputy Director for Cost Assessment and Program Evaluation. In this role he led independent evaluations of all major defense programs and was responsible for the development of DoD's $3 Trillion, six year Future Year Defense Plan. General Gardner serves as Senior Defense Policy Advisor at Hedgeye Potomac Research, where he specializes in defense and aerospace markets.


Ping sales@hedgeye.com for more information. Please note if you are not a current subscriber to our Defense Policy research there will be a fee associated with this call.


Hedgeye Risk Management is a leading independent provider of real-time investment research. Focused exclusively on generating and delivering investment ideas, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing.

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