Washington has begun to change how it engages with corporate America. Instead of relying only on subsidies and loans, the federal government is now taking direct stakes in listed firms at the centre of national security.

Quality stocks are companies with durable competitive advantages, resilient balance sheets and strong profitability. They typically generate high returns on capital, reinvest earnings effectively, and show resilience across market cycles. Quality businesses are often leaders in their industries, combining financial strength with the capacity to sustain growth over the long term.

The internet has transformed shopping many times before. We have gone from browsing aisles in physical stores, to typing keywords into search bars, to tapping on mobile apps that deliver products with a swipe. Each step promised to revolutionise retail. And yet, most of these shifts were more evolutionary than revolutionary: e-commerce added a new channel, mobile made shopping more frequent, social media added discovery. But the underlying remained the same. Brands tried to capture our attention. We clicked, we browsed, we paid.