It's a good time to be in defence stocks in the US currently -- they've all outperformed the market: Lockheed Martin shares are up 8.4% since President Obama announced airstrikes against Islamic State militants in Iraq. Raytheon is up 8%. General Dynamics is up over 8%. Northrop Grumman is up 6%. The Dow's only up 4%; the Nasdaq 5.4%, the S&P 500 just 4.7%. All the companies' shares have hit historical highs this week. And rightly so: we're on the cusp of another major intervention in Iraq, and most likely in Syria as well, one that even Barack Obama says will be an extended effort.
Retracing our steps on the march into Iraq
The parallels between the current path to intervention in Iraq and Syria and the Iraq War 11 years ago are uncanny and discomfitting.