Jan 15, 2026 · 40 min · 11 segments
Defense Strategy, Global Tension & Investor Implications In this episode of the Pender Podcast, Laura Baker, Associate Client Portfolio Manager, is joined by Retired Vice Admiral Mark Norman to…
It's from something that almost barely came up a few years ago, even with like the rise of ESG investing.
And especially as we diverge from our neighbors to the south, the Department of War, just to see how we are going to adapt.
I guess my question would be, if we were to see that more consistent targeted defense investment more broadly, how would you see that impacting Canada's industrial base or just our innovation ecosystem?
And I think, you know, this is for your listeners and your viewers and your colleagues.
But at the end of the day, you know, this is where, as the saying, you know, follow the money.
So, you know, when I, When I left the military about six years ago, I was basically from a business perspective, I was the chief operating officer of the organization.
There was a, I had a boss who looked after, you know, other things and, and, but I was managing the business of the armed forces in many respects.
And so we were moving around, let's, let's say for sake of argument in the mid high twenties, billion a year range.
Now, first of all, that's a staggering amount of money, but it also speaks to how quickly things have turned around.
And, you know, they're, listeners, but you can just imagine it's a very complicated organization with lots of moving parts.
It's from something that almost barely came up a few years ago, even with like the rise of ESG investing.
And especially as we diverge from our neighbors to the south, the Department of War, just to see how we are going to adapt.
I guess my question would be, if we were to see that more consistent targeted defense investment more broadly, how would you see that impacting Canada's industrial base or just our innovation ecosystem?
And I think, you know, this is for your listeners and your viewers and your colleagues.
But at the end of the day, you know, this is where, as the saying, you know, follow the money.
So, you know, when I, When I left the military about six years ago, I was basically from a business perspective, I was the chief operating officer of the organization.
There was a, I had a boss who looked after, you know, other things and, and, but I was managing the business of the armed forces in many respects.
And so we were moving around, let's, let's say for sake of argument in the mid high twenties, billion a year range.
Now, first of all, that's a staggering amount of money, but it also speaks to how quickly things have turned around.
And, you know, they're, listeners, but you can just imagine it's a very complicated organization with lots of moving parts.
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