The nationalist awakening of the former great empires - we are referring here to Russia and China - has been accompanied by substantial investments by these countries. In 2020, Russia devoted 4.3% of its GDP to military spending. China only 1.7%, but on a much larger GDP basis. Among the "Western" nations, only the United States (3.7%) and Israel (5.6%) are in the same situation. While relative spending declined until 2018, real spending in current dollars only increased, as the rapid growth in wealth over the past fifty years has made each point of GDP more valuable. Military spending was $700 billion in 1991 when the Soviet Union fell. Last year, it amounted to $1,929 billion. The thematic list below aims to capture the returns of publicly traded companies in the arms industry and defense at large.