If one extracts the military complex from the general stock index, it is immediately apparent that this sector has outperformed since the turn of the millennium. One deduction from this phenomenon could be that human behavior has not actually changed despite the experience of the 20th century and that times of crisis tend to be militaristic times.

With 9/11 we have entered a kind of 4th turning, a period of high social and economic volatility, which now seems to be entering its final phase, at the end of which economic crises are usually followed by currency collapses, cultural crises and massive reform movements if not revolutions. If we look at the crises of this world, we can probably say without taking any great risks that the military sector remains an outperformer!