cover of episode Talk Your Book: Infrastructure Investing

Talk Your Book: Infrastructure Investing

2024/11/11
logo of podcast Animal Spirits Podcast

Animal Spirits Podcast

AI Deep Dive AI Chapters Transcript
People
B
Ben Carlson
一位专注于投资教育和策略的金融专家,通过博客和播客分享投资见解。
J
Jon Levin
M
Mark Gatto
Topics
Ben Carlson:私募投资正转向散户投资者,但运营私募股权基金的复杂性对顾问构成挑战。区间基金等产品的出现简化了流程,为顾问和投资者提供了便利。基础设施投资领域资金不足,而不是资金过剩。 Mark Gatto:Science Investments 是一家独立的另类投资解决方案提供商,专注于散户投资者。公司采用开放式架构,与最佳管理者合作,为投资者提供最佳投资机会。与 GCM Grosvenor 的合作,结合了双方的专业知识,为投资者提供了一种创新的投资方式。 Jon Levin:基础设施资产类别相对较新,但增长潜力巨大,因为对基础设施资本的需求巨大。基础设施资产具有长期现金流、高确定性现金流、收益成分、通货膨胀保护和低波动性等特点。对基础设施的投资需求巨大,资金来源广泛。基础设施的定义随着时间的推移而演变,它不仅仅包括道路和机场,还包括管道、数据中心、港口、法院和教育等社会服务设施。顾问需要对基础设施投资进行教育,以了解其潜在的投资策略、管理者和结构。BDC 和区间基金等产品具有透明性、低最低投资额和一定的流动性,这使得散户投资者更容易进入另类投资市场。区间基金的流动性与投资策略相匹配,避免了资本错配的问题。基础设施投资的目标是提供与历史经验一致的回报,即中等个位数的现金流和两位数的总回报,同时保持低波动性、通货膨胀对冲和下行风险保护。基础设施投资通常集中于运营中的资产,而不是新建项目,这降低了风险。基础设施投资组合的构建需要考虑地域多样化、资产数量多样化和驱动因素多样化。基础设施投资的来源多种多样,包括能源相关的基础设施、政府资产私有化、发达的市政债券市场以及其他类型的基础设施。基础设施投资策略的关键在于灵活性和开放性,能够以不同的方式进行投资,包括控股投资、少数股权投资和二级市场交易。基础设施投资市场资金需求巨大,因此竞争并不激烈,投资回报率不会受到资金流入的影响。长期投资者应该关注基础设施投资的长期趋势,而不是短期市场因素或政治事件。

Deep Dive

Chapters
The chapter discusses the partnership between CION Investments and GCM Grosvenor, focusing on how they collaborate to provide alternative investment solutions for individual investors.
  • CION Investments has been in the alternative investment solutions space for individual investors since the 1990s.
  • The partnership with GCM Grosvenor was formed to leverage their expertise in infrastructure investment.
  • The joint venture aims to deliver the best available managers in specific strategies to individual investors.

Shownotes Transcript

On today's show, we are joined by Jon Levin, CEO of GCM Grosvenor and Mark Gatto, Co-Founder and Co-Chief Executive Officer of CION Investments) to discuss the basics around the infrastructure asset class, BDC's vs interval fund products, risk and return expectations for infrastructure, thoughts on infrastructure investing during rate cycles and election years, and much more!

Find complete show notes on our blogs...

Ben Carlson’s A Wealth of Common Sense)

Michael Batnick’s The Irrelevant Investor)

Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.

 

Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com)

Investments in alternatives are speculative and involve substantial risk, including market risks, credit risks, macroeconomic risks, liquidity risks, manager risks, counterparty risks, interest rate risks, and operational risks, and may result in the possible loss of your entire investment. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results.__ The views expressed are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, investment recommendations or an offer to buy or sell securities. All expressions of opinion are subject to change without notice in reaction to shifting market, economic, or political conditions. The investment strategies mentioned are not personalized to your financial circumstances or investment objectives, and differences in account size, the timing of transactions and market conditions prevailing at the time of investment may lead to different results.__

Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed.

 

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management), receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers). Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.

Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/)

Learn more about your ad choices. Visit megaphone.fm/adchoices)