Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Western Defense and Aerospace: The 2026 Consolidation Wave
Rheinmetall, Saab, KNDS, and Hanwha are buying scope while Boeing Defense bleeds and Pratt's GTF recall pulls RTX cash. The corporate map of Western airpower is being redrawn around fighter programs, drones, and tracked vehicles.
European rearmament and a third year of Pacific deterrence spending have done to Western defense what the 2010 sequester did in reverse: they have rewritten the consolidation logic. Rheinmetall is moving from ammunition supplier to systems integrator, raising its Hensoldt stake and adding aerospace tier-one capability through Provectus. S...
US Regional Banking 2026: Consolidation, Basel Endgame, and the CRE Wall
Three years after Silicon Valley Bank, the regional bank franchise has stabilized, the Capital One and Discover deal closed, and the Basel III Endgame final rule is law. The unfinished work is commercial real estate.
The US regional banking system enters 2026 in a different shape than the one that broke in March 2023. Capital One closed its 35 billion dollar all-stock acquisition of Discover in May 2025, the OCC and the Federal Reserve approved the deal with community reinvestment conditions, and the Basel III Endgame final rule was issued in May 2025...