This company seems okay. Clearly they have their niche as a naval contractor and have been reasonably successful. The annual letter is short and doesn't give much insight into their thinking. I don't think I would invest in this unless the price was really low. I have a hard time believing that spending on naval ships grows faster than GDP over the long run, and also seems unlikely they could expand margins too much. Plus you have the risk of cost overruns on contracts and the employee benefit liabilities.
Next up is AGNC Investment Corp, a REIT I have never heard of before.
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