MAVERICK'S ODYSSEY OR A HOMERIC QUEST FOR DEFENCE EXCELLENCE
N°10
This edition is inspired by Top Gun*
Dear Readers,??
My journey this month followed the Oracle trail from Madrid to NY, went on to Washington DC and ended at the Delphi Forum, where telluric forces finally cast the dice of geopolitics. Not to forget a glance at UK politics thanks to a great talk with Tony Barber and Lord Hill (not to be confused with my ex-husband).?
The film that inspired us along this month's journey is TOP GUN*?
My conclusion is a reiteration of the fact that SECURITY trumps all, including the ill-named “TRUMP election”... I have written before that all politically critical issues, be it migration, energy, AI, cyber or health, need to be looked at under a DEFENCE magnifying glass.??
You want to make your case, phone your top gun mates.
What to retain? Defence is the name of the game. In previous editions I have praised the wonders that the defence industry does for innovation and the advancement of technology, I am now convinced that Europe’s Open Strategic Autonomy is all about defence and the finance world knows it.
What if we start with Madrid...?
Madrid, usually so charming with its relaxing cup of café con leche on Plaza Mayor, is now drowning in corruption accusations from either side of the polarized political spectrum. The best quote so far is from the President of the Madrid region in response to attacks for a corruption case in which her boyfriend is allegedly involved: “now, it seems that before starting to date a man I will have to consult the feminists in the opposition ranks.”
The capital is supported by buckets full of money from South American countries, an influx reminiscent of the times in which poor “hidalgos” would return from overseas loaded and loud… but let me tell you Madrid is now the best TINDER spot of the universe, where all you need to do is attend IE business school, find the rich heir/ess and, happy together, set up a new venture fund for defence… the only minor problem is that the Spain’s socialist government has decided to get rid of the golden visa.
"That was some of the best flying I've seen to date — right up to the part where you got killed."??
Meanwhile in New York…?
While in New York attending a breakfast reception for Super Mario Draghi (spring in the IFM) I realised that the conflict industry is getting excited. The Gloomy letter to the investors (a must read every year) from Jamie Dimon are not going to let the emotions of both the Jewish lobby and the Middle East lobby get in the way. It was great to see that impact investment is still very much “à la mode” among the heirs to the Mayflower, and I was ever so pleased by my encounter with “le” boss of women’s banking, who restored my hopes about empowering women and finance… in these times.?
Maverick, walking into a bar: "This is what I call a target-rich environment."
What’s up in Washington?
Springtime in Washington yet without the cherry blossom, since trees flourished a month earlier than usual - of course climate change is non-existent… dixit Trump. Health, energy, chips… yeah, it’s all about national security but in the end the real discussion is about implementation of the security strategy: what to spend on current open wars and how much we can expect both sides of Congress to support Ukraine or Israel with real weapons… . After all, trust the Americans to look for their own best interest and establish priorities - far East-Asia continues at 70% annual real growth…?
And finally, Delphi
Delphi, like Santiago de Compostela, is one of those places where you can feel the telluric forces. But above all, you find the most smiley academia in the world. That Greek kindness and grace, at a time when discussions of the US/China relationships are clearly about decoupling and where the worst can happen at any moment because of a non-intended military mistake. Among all this frailness, when surrounded by the mountains of Delphi you feel more sheltered than in the heaving heat of Washington DC.?
领英推荐
Maverick: "It's classified. I could tell you, but then I'd have to kill you."
The Delphi Forum, notwithstanding the presence of all the shipowners of the universe (I was of course wearing Jackie O glasses for the event), confirmed the ever-greater relevance of all defence-related matters. The distinguished discussion panels on the Middle East focused whenever they could on maritime transport, its threats and?its relevance for the Defence sector in:
Maverick: "You don't have time to think up there. If you think, you're dead."
Let me give you some basics on Defence.
Basics on the regulatory??
European Defence Industrial Strategy:?
Global or US:?
Basics on Business
The total global military spending in 2022 amounted to an impressive USD 2.2 trillion. The United States led the way, dedicating a staggering USD 877 billion to its military, i.e., nearly 40% of the world’s total military spending that year. This amount accounted for 3.5% of the US gross domestic product (GDP). Gung ho, as they say in China, that followed as the second-largest military spender at an estimated USD 292 billion.?
Goose: "Great balls of fire!"
In my humble opinion
The Green Deal is gone, and that money is now up for grabs. The Finance world is getting loaded.... and “loaded” never had a deeper meaning than it has right now.??
It’s perhaps not surprising that only two years ago we got a sequel to Top Gun, and that it was widely lauded (not loaded). Remember the Admiral’s warning?
“The end is inevitable, Maverick. Your kind is heading to extinction.” Maverick: “Maybe so, Sir, but not today!”
No, definitely not today.?
* “Top Gun” captures the zeitgeist of security and defence by showcasing excellence, adaptation, expertise, and the real-world impact of military training programs?