$NOC

Does he own it?

NOC appears only in baskets of large defense names ($LMT, $RTX, $BA, etc.) as a war/oil beneficiary. He claims general "defense and oil" hedges that ran up, but never names NOC as a held lot, never sizes it, and never says he added it. His actual book leaned to drones/photonics, where he notes NOC's gains did NOT help him. No first-person NOC ownership.

His thesis

A mega-cap prime defense contractor positioned as a beneficiary of escalating Middle East conflict (Iran strikes/invasion), a record defense budget, and bunker-buster/minehunting demand. He notes the run-up in large primes was largely already front-run by institutions ahead of the telegraphed Iran attack, so chasing them at all-time highs may be a mistake. Treated mostly as macro coverage within a defense/oil "war trade" framework rather than a specific pick.

How his view evolved

Starts as a war-trade beneficiary in Iran/defense baskets, then he flags that the prime-contractor rally was already priced in by institutions. Later he frames NOC as a name that captured Iran-war funding while his own drone bets lagged.

Key points

• Recurs only inside defense baskets, never singled out or sized
• Framed as institutionally front-run, already at ATHs
• His real exposure was drones/photonics, where NOC's gains didn't help him

Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $NOC on X ↗