The Ledger, every show

“I think what we end up seeing is we end up seeing the, ah, ultimately kind of the near and total sort of conquering of Gaza,”

“I don't at all, no. Absolutely not. Personally stand with them, and we as a company do too.”

“I don't see it as like Lockheed, Boeing, Northrop, Raytheon, et cetera. We're going to take all of them down. I don't see that at all. I think it's going to be like, we're going to become the sixth prime alongside them and that there's still plenty, plenty, pl…”

“China, hands down. The mindset of the PRC, I think their approach to basic human rights, I think their conducting of an ongoing genocide with their Uyghur population, I think their approach to free speech, to political assembly, to religious freedom, are funda…”

“Hundred percent absolutely yesterday, if not years ago.”

“Which to me, I think it's pretty obvious that we're in escalating into a hot war.”

“My guess is that and it's a complete conjecture here. I have no insider information whatsoever, but my guess is that we see some sort of detente or some sort of negotiated settlement take place probably over the next year would be my guess. And if I had to bet…”

“Yes, absolutely.”

“What is fundamentally happening is you get a representation of bad numbers. To kind of like relatively unsophisticated investors on the other end who are paying usually pretty steep premiums to the kind of what we would describe as the fair market price with u…”

“No, absolutely not. And anybody who tells you that they are, I think, like, I think is misguided.”

“Well, you should know that the andrel of X is going to be andrel and that you're Your best bet is probably buying as many andrel shares as you can.”

“The US right now does not have the production capacity, nor does the UK, nor does Australia, kind of the West at large, to make enough munitions to fully equip a prolonged nation on nation conflict.”

“What we are willingly doing is we are willingly letting a strategic adversary control the knobs on what gets mainlined into the psyche of our youth. And if you don't think that that has long-term strategic implications for the motivation, for the ambition, for…”

“Kind of the return of capitalism to the defense sector, which has been sorely missing for decades, ah, a rebuilding the American industrial base relying on cost plus contracts less and turning to more firm fixed contracts.”

“I, Think that if America does its job and the West and our allies do their jobs, I think no.”

“I mean, I was personally sanctioned by China for selling missiles to Taiwan as was my co-founder, Brian Schimpf, and a couple other executives in the company itself.”

“I think it's very, very, very hard in practice to actually completely divorce yourself from any Chinese influence on the supply chain whatsoever.”

“Like last year alone, Lockheed Martin, the twenty-twenty-three numbers, Lockheed Martin spent six billion dollars on stock buybacks. They only spent 1.5 billion dollars on IRAD, which is called internal R&D. Their own at risk funding of research and developmen…”

“I think a two, three year cycle is extremely believable, especially if you architect your products to be pretty modular. If you architect your products to be upgrade friendly, if you upgrade your you design your products around a software kind of mentality whe…”

“I don't think there will ever be a kind of venture style dynamic of a winner take all. I don't think this is a situation of like Google versus Yahoo where, where one is the obvious dominant winner by 10 X and then there's the other rands. I don't think that's …”

“Ultimately, I'm a little nervous about a lot of these companies kind of getting over their skis and then getting one or two fundraisers under them and then realizing it's a lot harder than it looks on paper and ultimately struggling and probably, probably impl…”

“I think I would not be investing in defense at some of the valuations that these early stage companies are pulling down, because I think there's a sort of a view of a venture return in some of these companies that I think is going to be pretty hard to achieve.”

“I don't think so. I think Andrel's underpriced today.”

“For me personally, I'm a Democrat. I've been a lifelong Democrat. I've supported Democrats my entire life. I donated to Kamala. I donated to Hillary Clinton, donated to a number of House Democratic races, Senate Democratic races, recently hosted a fundraiser f…”

“We're already seeing the early results at the TSMC plant in Arizona that has some pretty good yields that are Slightly outperforming the yields of their Taiwan factories.”

“There's like a slight misunderstanding that like, oh, the entirety of the Pentagon turns over every four years. It's just fundamentally not true. Same here in, in, in MOD Manon Whitehall. It doesn't turn over with every administration end to end. So I think th…”

“The other angle we can take is we can just do it. And I think that this is part of our strength where we've raised Pretty good amount of venture capital money. We have incredible broad freedom on what we can do with that money. So like if we have an idea of a …”

“Northrop Grumman over the last 15 years has had a total compounded annual shareholder return of just over 20%. Lockheed and Boeing are just behind them at about 15%. The S&P 500 over the exact same time period has an 11.6% total compounded annual return.”

“U.K. Spending too little by a wide order of magnitude. Should be closer to the two and a half, three percent of GDP that everyone's committed that they should be spending on NATO. So it should be, my guess is like, 50% higher than that”

“And in fact, a few of them have come out in their recent annual reports and quarterly calls and whatnot and said that they're walking away from cost plus, or from firm fixed contracts. They won't do firm fixed contracts anymore. It's too risky for them.”

“It's hard, basically impossible to run a hardware company in a fully remote capacity. It comes down to it. Somebody has to turn the wrench and build the thing. So like a full remote kind of hardware company is kind of a contradiction in terms.”

“It's good for high-performing teams. It's not great for shit teams.”

“I don't think I would say, oh, we could have done this on half as much money. No, not at all. I mean, if anything, I think we should raise more and go faster.”

“Every time we've done one of these structured tenders we've had a relatively low participation rate in them. Somewhere in the like, 30% range of the percent of shares that could have been sold that were eligible to be sold.”

“I agree. Absolutely. As a component of a diversified defense sort of investment within a broader diversified portfolio.”

“Oh, absolutely. Absolutely. Anybody who puts that together and tries to convince you that you can have everything you possibly want in life with no sacrifices is lying to you. Of course there are sacrifices.”

“The highest concentration of talent working on what I think is going to be the next generation of problems That the world faces and the next generation of kind of generational segment defining companies. A lot of them are in California, man.”

“I do think venture lost its way. And in pursuit of that kind of that, that early, that, that early fad, that next kind of quick trend, that next kind of, you know, quick pop.”

“Any list of, you know, top tier VCs, et cetera, you know, people that publish the list that doesn't include founders fund at the top is a laughable list.”

“I think really what it takes and this is gonna sound kinda, kinda silly, kinda pithy is, is full scale production. Massive scale production of robot planes, robot subs, more drones, more missiles, more everything.”

“This Iranian Shahid missile it's one of the missiles they mostly use goes pretty slow. It's just a drone. They can make it for in the neighborhood of fifty-ish thousand dollars.”

“I don't think, to answer your question concretely, I don't think it's overstated, if anything, I think it's understated.”

“Having a sort of preemptive control over what opinions, what political positions, what proposals are allowed to be said is an incredibly dangerous path to go down”

“I think there's a lot of interesting and very challenging structural issues facing Europe. And I think fundamentally, again, it's coming from a very, very American perspective. There's an ambition. There is a, you know, seeking and working towards a better, br…”

“And now they're currently being manufactured in our Sydney manufacturing facility that just opened. It's about 75,000 square feet and is capable of making dozens of these a year.”

“And we'll be expanding production for them to our new facility in Quonset, Rhode Island. Where we'll be making both our dive LDs, our smaller submarines, and these big guys for the US market.”

“Having the engineers in the building there have an idea, walk over here, get feedback from fabricators, Build things and have that cycle move very quick. Ultimately gets us to have products to market faster, and then in the long run, cheaper, even if this mach…”

“And now they are currently being manufactured in our Sydney manufacturing facility that just opened. It's about 75,000 square feet and is capable of making dozens of these a year.”