Louise Dudley 1.5 3 ideas

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.

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.