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Animal Spirits Podcast

Talk Your Book: Investing in Infrastructure

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.82K Ratings

🗓️ 5 February 2024

⏱️ 35 minutes

🧾️ Download transcript

Summary

On today's show, Ben Carlson and Michael Batnick are joined again by Bob Long, CEO of StepStone to discuss: - What investments StepStone is making within Infrastructure - How liquidity works with infrastructure investments - The inner workings of interval funds, StepStones fees, 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 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. Wealthcast Media, 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

Transcript

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0:00.0

Today's Animal Spirits Talk Your Book is brought to you by Stepstone Private Wealth.

0:04.6

Go to Stepstone Group.com to learn more about how you can invest in hard assets in their

0:10.0

infrastructure fund. That's Stepstone Group.com. Welcome to Animal Spirits, a show about markets, life and investing.

0:18.8

Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.

0:24.0

All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of

0:29.1

Redhol's wealth management.

0:30.8

This podcast is for informational purposes only and should not be relied upon for any investment decisions.

0:36.0

Clients of Ritholz wealth management may maintain positions in the securities discussed in this podcast. Welcome to Animal Spirits, Michael and Ben.

0:47.0

On today's show we spoke about something incredibly important,

0:51.6

under-discussed, underrepresented, at least on this show.

0:55.0

We've never spoke I don't think about infrastructure.

0:58.6

Things like toll roads, bridges, how do they get funded?

1:04.4

Who invested them?

1:05.3

Airports.

1:06.2

It's a huge asset class in Australia.

1:09.4

Okay.

1:10.3

But not so much in the US.

1:12.1

We actually had an Australian fund manager back in my endowment days

1:16.0

that invested an infrastructure asset

1:19.0

and they owned the Chicago Toll Road

1:22.0

and you could see it become because it used to be you drive

1:26.7

there and had this basket you'd throw the change in there back but when you could

...

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