In this article I initiate coverage of Lockheed Martin ( LMT ). My thesis is that despite a wide competitive moat and number of robust business lines, the recent 33% increase in the stockMy name is David B McMillan and I am an investor interested in fundamental valuation. My philosophy is fundamental investing - I seek to identify underpriced securities relative to their potential future cash flows. I also use tactical allocation, investing more aggressively when equity prices are lower, and more conservati ...