Episode 249

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Published on:

1st Apr 2026

Defence shares rally

Defence stocks explained: ETFs, cyclical risks, and ethical investing | Friends With Money

In this week's Friends With Money, editor-in-chief Michelle Baltazar speaks with Alex Jamieson of Jamieson Private Wealth about why defence shares have rallied amid widening Middle East conflict, disrupted shipping lanes, and higher oil prices.

Jamieson explains how “defence” now spans drones, robotics, AI, cybersecurity, and software, and argues rising geopolitical risk and NATO catch-up spending make it a longer-term structural theme, though stocks can be cyclical and require active rebalancing and profit-taking.

01:30 What counts as defence stocks

02:22 Why defence stocks are rallying

04:02 Do you already have exposure

05:46 Cyclical stocks and profit-taking

07:49 Fear trade or structural trend?

09:58 Defence ETFs to consider

11:53 Stock spotlight: DroneShield

13:21 Ethics of defence investing

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About the Podcast

Friends With Money
Earn. Save. Invest.
We all have questions about money; how to earn it, how to spend it, and the best ways to invest so we can watch it grow.

The Friends With Money podcast, created by Money Magazine (Australia’s longest-running and most-read personal finance magazine), shares its extensive network of finance experts, in-depth knowledge of markets and timely advice to help you understand the world of money.

Hosted by senior writer, Tom Watson, Managing Editor, Vanessa Walker and editor-in-chief, Michelle Baltazar, Friends With Money is a weekly chat with a variety of credentialed guests that you won’t want to miss. Listening and learning will help you on the path to financial freedom.