4.7 • 2.9K Ratings
🗓️ 1 April 2025
⏱️ 82 minutes
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0:00.0 | The fundamentals of investing hasn't changed at all. Buying great things or great businesses, |
0:05.6 | holding for long periods of time, earning cash returns. What's changed is the environment around it. |
0:12.0 | The whole backbone of the world is changing. Behind your phone or your computer, you can have this |
0:18.7 | podcast on your cell phone and go for run in the morning. How that gets |
0:22.5 | delivered to you is data center storing it, fiber delivering it to you, going to a tower and |
0:29.9 | bringing it down to your phone wireless. And all of that needs enormous amounts of infrastructure, |
0:35.4 | and all of that is built by private enterprise. |
0:46.3 | 50% of the backbone of what we own today did not exist as an asset class for investment 20 years ago. |
0:49.4 | Well, you have over a trillion dollars in management now. |
0:51.8 | It sounds like a lot of money. |
0:53.6 | It is a lot of money. |
0:54.9 | It's a trillion dollars. |
0:58.0 | But it's not that much when you do what we do. |
1:08.4 | Welcome to the Knowledge Project. |
1:10.5 | I'm your host, Shane Parrish. In a world where knowledge is power, |
1:12.7 | this podcast is your toolkit for mastering the best of what other people have already figured out. |
1:20.4 | If you want to take your learning to the next level, consider joining our membership program at |
1:25.1 | fs.blog slash membership. As a member, you'll get my personal reflections at the end of every episode, early access |
1:32.6 | to episodes, no ads, including this, exclusive content, hand-edited transcripts, and so much |
1:38.5 | more. Check out the link in the show notes for more. Most investors see markets as a race to |
1:43.9 | outperform every quarter. |
1:45.7 | Our guest today, however, sees them as a marathon measured in decades. As CEO of Brookfield |
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