Aecom (ACM)

47% of their business is defence, 17% civilian, 15% energy/environment, 11% intelligence and 10% space. Clients include NASA, Air Force and federal agencies, so they depend on government contracts. Defence is a solid business, unless Washington reduces this spend. Last earnings were good: beating revenues and earnings and reiterated full-year guidance. However, the growth rate disappointed the street and DOGE threatens to kill some of their government contracts, though he thinks that's overblown. ACM has longstanding relationships with government agencies and they have a huge order backlog. He wants to see their big shareholders reduce their stakes before jumping in, but this is worth watching.

Infrastructure consulting firm. Engineering and construction are core businesses, and the construction part is what stops him. Example, LRT cost overruns in Toronto. He owns WSP instead, pure-play consulting and engineering.

A general contractor that oversees the construction of a project and will directly benefit from the bill. Shares are barely up for the year, so this is an opportunity. There's a lot of room to run.