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In the mid-1990s, I was fortunate to meet and start working with an Upstate New York money manager named Anthony M. Gallea.

The relationship began when I attended and wrote stories about some of the investment seminars he periodically held for prospective and existing clients. He then became a “source” for some of the investment stories I periodically wrote for Gannett Newspapers. And we ultimately collaborated on a pretty successful book about “Contrarian Investing” that was published by Prentice Hall.

Along the way, Tony shared some pretty important snippets of investing wisdom…

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    Investing in Defense Stocks: Why Lockheed Martin (LMT) Is Too Big to Fail

    Last year when Congress formed its much-lauded "Supercommittee" to sort out America's debt crisis, there was a lot of handwringing about draconian budget cuts.

    But true to form, on the eve of an election year, our politicians did nothing and the sequestration clock began to tick.

    In essence, they made the bold move to kick the can down the road.

    The problem is if the clock is allowed to keep ticking, those same draconian cuts will happen anyway.

    No industry is more aware of this than the defense sector.

    For them it is literally like turning a battleship - the major players need a lot of lead time to readjust their bearings.

    So it's no surprise that the defense sector, which has a budget bigger than the combined defense budgets of at least the next 30 countries in the world, is worried more than most about significant cuts.

    And when corporate execs worry, so does Wall Street.

    But somehow, I think the military industrial complex will survive. For investors, it will be all about picking the right players.

    Investing in Defense Stocks: Lockheed Martin's Big Advantage

    One of them is Lockheed Martin (NYSE: LMT).

    As the great military strategist Sun Tzu once said, "Opportunities multiply as they are seized."

    Today, there is no company better at seizing opportunities than Lockheed Martin.

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