Defense & Aerospace Report

Byron Callan, senior research analyst and founder of Capital Alpha Partners, breaks down defense budget politics and industrial capacity. He discusses the $8.4B boost to Pentagon funding, chances of big supplemental requests succeeding, limits on industry absorption, shifts in allied procurement, and key events to watch in the week ahead. Short, sharp takes on strategy, shipbuilding, supply chains, and tariffs.

Richard Aboulafia, industry strategist on defense policy; Sash Tusa, European aerospace equity analyst; Dr. “Rocket” Ron Epstein, Bank of America aerospace markets analyst. They dissect a Wall Street roller coaster, trade and tariff shocks around Greenland and Canada, dollar weakness and treasury sales, Europe’s rearmament push, and funding shifts for future fighters and missile defense. Short, sharp takes on markets and geopolitics.

Dr. Dov Zakheim, former Pentagon comptroller and budget expert; Jim Townsend, NATO and European security specialist; Michael Herson, congressional appropriations and industry relations leader; Dr. Patrick Cronin, Asia-Pacific and U.S.-China strategy scholar. They discuss recent defense funding boosts and procurement choices. They debate NATO trust and possible staff shifts. They analyze China’s diplomatic moves, Taiwan’s stalled defense plan, and developments across the Middle East.

Dr. Tom Carrico, Director of the Missile Defense Project at the Center for Strategic and International Studies, shares invaluable insights on the state of air and missile defense. He discusses the implications of Congress’s recent appropriations report, particularly regarding the Golden Dome system and its transparency issues. Carrico also highlights Greenland's strategic value for defense, multi-year procurement advantages for interceptors, and global missile demand amid supply chain challenges. Plus, the ongoing need to boost Tomahawk production is a key concern.

In this discussion, Richard Fontaine, President and CEO of the Center for a New American Security, dives into the complexities of U.S. military strategy and foreign policy. He argues against the necessity of purchasing Greenland, emphasizing existing agreements for security access. Fontaine critiques NATO's challenges and warns against coercion that could alienate allies. He highlights the slow road to European self-reliance in defense and the strategic pitfalls of courting Russia against China. This conversation is a deep dive into contemporary geopolitical tensions and alliances.

Byron Callan, founder of Capital Alpha Partners, shares insights on defense industry dynamics, while Chris Servello, co-founder of ProVision Advisors and ex-Navy public affairs officer, discusses the evolving landscape of defense communications. They dive into the diplomatic implications of the U.S. Greenland acquisition talks, potential trade tensions with Europe, and assess NATO's future posturing. They also highlight the Navy's Golden Fleet initiative and the Pentagon's push for missile production as crucial topics shaping the defense industry.

Rocketron Epstein, an equity analyst at Bank of America Securities, breaks down the aerospace and defense market in 2026, highlighting key stock moves and economic trends. Sash Tusa, founder of Agency Partners, discusses European market dynamics, with Greenland emerging as a pivotal factor. Richard Abelafi critiques U.S. defense strategies regarding Greenland, urging a shift from mere rhetoric to real action. The panel debates the impact of U.S. tariffs and the need for ITAR-free systems, alongside the intricacies of European procurement and political divides.

Jim Townsend, a former Pentagon Europe chief, and Dov Zakheim, a former Pentagon comptroller, delve into the implications of U.S. appropriations on national security and potential shutdown risks. They analyze recent Senate votes affecting war powers, the geopolitical significance of Greenland, and NATO's evolving role. Townsend discusses the legacy of the Cold War in the Arctic and the shifting European security landscape. Zakheim assesses Iran's internal turmoil and U.S. diplomatic strategies, emphasizing the need for allied cooperation in a competitive global arena.

Becca Wasser, a leader in defense research at Bloomberg Economics, dives into pivotal issues in defense operations and air power. She unpacks recent military headlines, including UAV developments and F-35 production outlook. The conversation evolves to discuss global force posture shifts, the potential budget increase's impact on air capabilities, and strike options against Iran. Wasser also explores the implications of U.S. industrial strategies and the role of state intervention in defense, providing a comprehensive view of current trends.

Bryan Clark, Director at the Hudson Institute and former U.S. Navy officer, discusses defense strategies for Australia amidst budget constraints and evolving threats. He highlights a game-changing report on using uncrewed systems for deterrence and explores military scenarios through trilateral war games with the U.S. and Japan. Clark advocates for a shift in strategy to impose costs on aggressors and outlines necessary capabilities across domains. He also shares insights on the role of uncrewed systems and the importance of rapid adaptation in military acquisition.