The Pentagon’s DOW, otherwise known as the Defense Department, didn’t buy L3Harris Technologies Inc (NYSE:LHX) common stock. It bought something far more useful: leverage over how fast missiles get built.
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Instead of buying common stock, the Pentagon backed a new, independently traded missile solutions business with a $1 billion convertible preferred investment. That choice wasn’t cosmetic. It was the strategy.
This Wasn’t An Equity Bet — It Was A Control Bet
Buying common stock would’ve tied the government to market swings and shareholder optics. Preferred stock does the opposite. It …Full story available on Benzinga.com
