Week of February 23, 2026
Last week in The Wall Street Journal, former Prime Minister Boris Johnson argued that Donald Trump was right to push Europe to boost defense spending. For investors, the key is allocation: spending on domestic defense and tech firms, rather than imports, could create multi-year industrial and revenue tailwinds for European companies. Of course, these benefits depend entirely on NATO countries actually following through with meaningful increases in defense budgets. Signals remain unchanged.
Bob Bilkie, CFA
