John Studzinski

Studzinski notes that "The biggest pools of capital... are derisking from America" and moving into Europe for "resilience." He highlights that the European defense budget is moving toward "$1 Trillion." "Derisking" implies a rotation of capital out of US concentration and into European assets, specifically those linked to security and infrastructure. A doubling of the addressable market for European defense firms creates a massive secular tailwind. Long European Defense and Industrials benefiting from the $1T spending target. European bureaucratic inefficiency; slow implementation of banking unions.