Katherine Boyle

But everything for me comes back to this production issue.

Like I recently was with some operators on the ground on the border of Ukraine.

And the sort of, I went with a group to kind of learn about where investors should be investing, where are sort of the major gaps in that war.

And the kind of takeaway that I took from it that I don't think I really fully kind of understood until I was there was Russia has built up their defense industrial base over three years in an extraordinary way.

They were kind of weak when they first started.

Now they've built up their production capacity to really greatly be able to have this war against the Ukrainians.

The Ukrainians, to their credit, have built just-in-time manufacturing facilities where they can build drones very, very quickly.

You know, they get the information off the battlefield that allows them to innovate on how the drones work.

They're doing that on the ground.

They have distributed manufacturing capabilities that are tailor-made for this war.

So in some ways they've built up a defense industrial base as well.

So it's Ukraine and Russia have done a great job of building that capacity up and that production capacity.

The other player in this is China, who is supplying both sides of the war.

So they're greatly supplying the Russians with the dumb parts and the things that they need to build the drones or with drones themselves.

And they're also supplying the Ukrainians because the Ukrainians are in a desperate situation.

They're building things in the trenches.

They'll take whatever they can get and they'll take Chinese infrastructure as well.

So the only group of people and the only country that really hasn't benefited from the war, and I say benefit loosely, but really hasn't been able to build up the industrial capacity in the same way that those three countries have is America.

And so the thing that keeps me up at night, the place where we invest is how do we increase the speed of production?

And it can be on satellite buses, ground stations, modular things, you know, modular forms of energy, you know, SMR, small modular reactors for nuclear.