Having identified this volatility, in June we made defensive, tactical investment decisions that provide less exposure to these volatile, range bound markets and prepare us to re-enter the markets when they possess improved risk characteristics.

FORBES: Watch Out: 2011 Looks A Lot Like The Market Top In 2007

Artillery was gradually replaced by tactical missiles in the defensive role, but the Air Force was too busy building a fleet of long-range bombers and supersonic fighters to be bothered with ground-based air defenses, while Army troops had a clear need for such defenses.

FORBES: Missile Defense Becomes A Navy Mission