Can we talk about the biggest bottleneck in the defence industry?

The US consumed more than 150 THAAD interceptors during the first twelve days of conflict with Iran. The annual production rate is around 95. That gap, between what modern warfare consumes and what industry can replace, is a central problem in Western defence today, and something the managers of Europe’s first actively traded defence fund spend a great deal of time analysing. Read the whole analysis here.