Louise Dudley - Buzzberg

Date	Ticker	Direction	Thesis	Source
Feb 18, 2026	CRWD /PANW	LONG	While broader tech is volatile, Dudley notes that for "Cyber securities... the backlog [is] very secure. These companies are going to be only more in demand." Unlike discretionary software which faces the "SaaS apocalypse," security is non-discretionary. As AI threats rise, corporate spend on defense (Cybersecurity) becomes sticky and essential, decoupling it from the general tech rotation. LONG Cybersecurity leaders (implied tickers CRWD / PANW) as a defensive growth play. High valuations in the sector leave little room for earnings misses.	Bloomberg Markets US-Iran Talks 'Progress' & Lagarde Reported t...
Feb 18, 2026	UK EQUITIES /GERMANY / EUROPEAN EQUITIES	LONG	Dudley states Europe is "cheaper than US" and specifically that the "UK... is relatively more attractive than the rest of Europe." Valuation disparity offers a safety margin. Specifically, UK companies with global revenue exposure (not just domestic UK economy) offer growth at a discount compared to US peers. LONG UK EQUITIES and EUROPEAN EQUITIES as a value rotation play away from expensive US tech. Persistent economic stagnation in Germany or sticky inflation in the UK preventing rate cuts.	Bloomberg Markets US-Iran Talks 'Progress' & Lagarde Reported t...