Non-Consensus Investing: AI is crowded. Defense is next
Lumida Wealth : Non-Consensus Invest Beyond the Ordinary · Oct 20, 2026 · 40:19
Lumida Wealth : Non-Consensus Invest Beyond the Ordinary
Lumida Wealth : Non-Consensus Invest Beyond the Ordinary · Oct 20, 2026 · 40:19
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00:00 Cold open: highlights
01:47 Why defense tech is the next trend
03:04 From the Pentagon to VC: early thesis on the coming tech wave
04:03 Blacked-out van to meet Ukraine's unmanned systems commander
07:26 First trip to Ukraine and the sourcing thesis
09:07 State of the war: Russian overmatch, air defense, and peace pressure
12:09 What Ukrainian startups looked like in 2023 vs. today
14:18 Anduril and the new defense primes
16:12 Ukrainian startup culture vs. the U.S. ecosystem
17:15 The Battle of the Baltic and drone boats
19:16 A night under ballistic missile attack in Ukraine
20:38 The U.S. defense budget: reconciliation, CRs, and the midterms
22:57 Affordable mass vs. exquisite capabilities
24:55 Patriot PAC-3 and supply chain chokepoints
26:05 Reshoring, China dependency, and government capital
28:09 Investing deeper in the supply chain: shipbuilding, motors, engines
29:39 Solid rocket motors and PAC-3 substitutes
32:03 Shield AI and the autonomy orchestration race
34:02 Strait of Hormuz and why unmanned systems are more survivable
36:05 China and Taiwan: conflict risk
37:54 UAPs and the "alien portfolio" question
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Episodes: Lumida Wealth : Non-Consensus Invest Beyond the Ordinary
