Bill Baruch says an industrial renaissance may be developing in Japan, the biggest since maybe World War II, and that is why he bought Mitsubishi Heavy Industries. The team trimmed industrials by roughly 25 to 30 percent in mid-July, and while he likes names it already owns like United Rentals and Eaton, he decided to go in a different direction rather than add to them. Mitsubishi Heavy covers energy, shipbuilding, and defense, and he expects defense spending to really start to pick up. The position also gives the team international exposure without leaning harder into holdings like Wabtec and URI. Watch the full discussion here.