Gyroscopic Investing

IN 1961, President Dwight D. Eisenhower left office warning of the growing power of the military-industrial complex in American life. Most people know the term the president popularized, but few remember his argument.

In his farewell address, Eisenhower called for a better equilibrium between military and domestic affairs in our economy, politics and culture. He worried that the defense industry’s search for profits would warp foreign policy and, conversely, that too much state control of the private sector would cause economic stagnation. He warned that unending preparations for war were incongruous with the nation’s history. He cautioned that war and warmaking took up too large a proportion of national life, with grave ramifications for our spiritual health.