Politics & Policy

The Winter of Our Discontent

Feb. 06, 2026

Host: Roman Schweizer, Managing Director, Washington Research Group - Aerospace & Defense Policy Analyst, TD Cowen

In this episode, Roman Schweizer, geopolitics & defense analyst for the TD Cowen Washington Research Group, is joined by an all-star reporter roundtable to discuss FY26 and FY27 budgets and Reconciliation 2.0. They also discuss the Department of War's latest push to fund multi-year deals for munitions increases, some surprise charges during earnings and how company managements have discussed investments, buybacks and dividends. And there's a new National Defense Strategy that’s much different than the prior one.

Chapters:
1:30	U.S. Government Shutdown and Path Forward
5:30	FY27 Budget and Reconciliation 2.0 (ABBA)
7:15	Munitions MYPs (Multiyear Procurements)
25:50	Earnings – Surprise Charges and Management Commentary
33:30	New National Defense Strategy

This podcast was recorded on January 30, 2026.

Full transcript

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Roman Schweizer

Managing Director, Washington Research Group - Aerospace & Defense Policy Analyst, TD Cowen

Roman Schweizer
Managing Director, Washington Research Group - Aerospace & Defense Policy Analyst, TD Cowen

Biography

Roman Schweizer joined TD Cowen Washington Research Group in August 2016 covering defense policy issues. He held previous positions at Guggenheim Securities and MF Global. TD Cowen Washington Research Group was recently named #1 in the Institutional Investor Washington Strategy category. The team has been consistently ranked among the top macro policy teams for the past decade. Mr. Schweizer has over 15 years of experience in Washington, DC, serving as a government acquisition official, industry consultant, and journalist.

Prior to joining Washington Research Group, he was an acquisition professional with the U.S. Navy’s littoral combat ship program. Previously, he directed a team providing congressional and media strategic communications support to senior Navy officials on high-profile ship acquisition programs. Mr. Schweizer has also consulted on U.S. and international defense, aerospace, homeland security, and technology market sectors to Fortune 100 clients on behalf of DFI International and Fathom Dynamics LLC.
He has been published in Inside the Navy, Inside the Pentagon, Armed Forces Journal, Defense News, ISR Journals, Training and Simulation Journal, the Naval Institute’s Proceedings, and the Navy League’s Seapower.

Mr. Schweizer earned a bachelor’s degree in history from American University in Washington, DC.
Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.