Katie Martin

that use it for everything, for revision, for schoolwork, for all sorts of things.

But, you know, maybe it's just me, but it doesn't really touch my life.

Yeah, my expectation is that rotation will absolutely continue.

And look, there are push and pull factors here, right?

You know, Trump is pushing people out of the US for a whole host of incredibly obvious reasons.

But, you know, for a lot of investors, whether they're in Europe or elsewhere, the case for investing in Europe has rarely been stronger than it is today.

You know, you look at the situation in Germany.

Yes, OK, it has taken a long time for it to start deploying this extra money that it's been talking about for the past year or so.

But this money is really going to start hitting in terms of

infrastructure projects and defence spending and all of that lovely stuff.

So you look at the sort of fiscal expansion that you see in the States and a lot of it is about sending checks to people who don't necessarily need it.

The fiscal expansion that you're getting in Europe is about real stuff.

It's about roads and bridges and infrastructure and energy and defence and

The multipliers on that are likely to be much higher, right?

So this really should be supportive to European growth, which I know is disappointed for a long time, but it's better than nothing.

You look at the European financial sector, like I don't know if you've looked at a chart of European bank stocks recently, but they had an absolute storming 2025.

They've kept on going into 2026.

Financial sector in sharp contrast to where it was a decade and a half ago is in seriously good health.

Now, I know that European financial markets are more kind of creaky and sludgy and less sort of fast moving than they are in the States.

But you can't argue with the performance that you had in Europe last year.