−0.7%
since Oct 8
The idea
My take is that AI is eroding trust faster than people can adapt, and both ends of the income ladder respond by paying for safety. Middle-class households spend on locks, guns and identity protection, companies and governments spend on cybersecurity and surveillance, and the wealthy hide in gold and hard assets. The basket spreads across digital defense, home security, surveillance, defense contractors, and gold or luxury, with a tilt toward names that move hard when the story accelerates.
What it owns
- Companies that sell cybersecurity, identity protection and fraud detection as businesses and consumers spend more to defend against digital threats. · CrowdStrikeIt protects corporate networks and endpoints from cyber attacks through cloud-based security subscriptions that companies renew annually., Palo Alto NetworksIt sells firewalls and security platforms that companies consolidate into a single provider to defend against attacks., OktaIt manages user logins and identity verification for companies, becoming more critical as deepfakes and impersonation attacks increase., ZscalerIt sells zero trust security software that verifies every user and device on every access attempt instead of trusting anyone by default., Gen DigitalIt owns Norton and LifeLock, selling antivirus software and identity theft protection subscriptions to consumers worried about digital fraud., Fair IsaacIt operates credit scoring systems that lenders use to decide who receives credit, and it sells fraud detection tools to identify suspicious activity.27%
- Companies that benefit when people and organizations spend more on security, safety equipment and protection against physical threats. · Axon EnterpriseIt sells tasers, body cameras and cloud software that police departments use to store and manage video evidence from the field., ADT IncIt provides home alarm systems and professional monitoring services that homeowners subscribe to for peace of mind and property protection., Sturm RugerIt manufactures firearms for civilian self-defense, with sales that typically rise during periods when consumers feel less safe., AllegionIt makes locks, door hardware and electronic access control systems for homes and buildings as security spending increases., Smith & Wesson BrandsIt manufactures handguns marketed for personal protection, with sales that rise when people fear crime and want to arm themselves.19%
- Companies that sell surveillance, screening and data analysis tools to governments and emergency services as they expand monitoring and threat detection. · Palantir TechnologiesIt sells data integration and analysis software that governments and companies use to identify threats from large datasets., Motorola SolutionsIt makes the radios, dispatch software and video cameras that emergency services run on, so public safety budgets directly drive its revenue., Verisk AnalyticsIt provides fraud detection and risk data to insurance companies trying to identify false claims and synthetic fraud schemes., OSI SystemsIt builds screening and scanning equipment that airports, borders and ports use to inspect baggage and cargo for threats.19%
- Companies and assets that wealthy people and institutions turn to when they lose confidence in currencies, markets and traditional institutions. · SPDR Gold SharesIt holds physical gold bullion that investors buy as a store of value when confidence in paper currencies and financial systems declines., NewmontIt mines gold in large quantities, so its earnings grow faster than the gold price itself when bullion values rise., Agnico Eagle MinesIt operates gold mines in Canada and other stable nations, providing exposure to gold prices with lower political risk than miners in unstable regions., FerrariIt makes luxury performance cars for wealthy buyers whose purchasing power and demand for scarce assets remain strong during uncertainty.18%
- Defense contractors that benefit when governments increase military spending due to geopolitical tension and reduced international trust. · Lockheed MartinIt manufactures fighter jets, missiles and defense systems that governments purchase in larger quantities when international tensions rise., Kratos DefenseIt manufactures military drones and autonomous defense systems that the armed forces are purchasing in growing volumes.7%
- Cash10%