Talk Your Book: What Even Is Infrastructure?

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 30 June 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Scott Litman, Portfolio Manager at GCM Grosvenor to discuss types of infrastructure investments, revenue drivers within infrastructure, the risk/return profile for infrastructure investments, thoughts around liquidity, 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://idontshop.com 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. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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. Additional Disclosures: No assurance can be given that any investment will achieve its objectives or avoid losses. 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 Cyan Investments.
0:03.9	Go to cyaninvestments.com.
0:05.5	That's C-I-O-N.
0:06.8	To learn more about the Cyanon, Grovenor Infrastructure Fund, it's ticker C-G-I-Q-X.
0:11.8	Again, that's cyaninvestments.com to learn more.
0:16.6	Welcome to Animal Spirits, a show about markets, life, and investing.
0:25.4	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:31.8	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management.
0:37.5	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:42.1	Clients of Ritthold's wealth management may maintain positions in the securities discussed in this podcast.
0:46.3	Welcome to Animal Spirits with Michael and Ben.
0:48.2	Michael, on our talk to book today, I learned something new.
0:52.3	You sound surprised.
0:54.7	I'm learning all the time with stuff that I've more and more stuff I don't know.
0:58.3	I learned today that a lot of the new terminals at airports are investments by private companies
1:05.8	and infrastructure funds.
1:06.8	They're not paid for by taxpayers, really.
1:09.8	Did you know this?
1:11.0	I wonder if it's a mix.
1:11.8	You didn't even get into that.
1:12.8	Or the municipalities own it, but then the municipality.
1:15.7	Yeah, the municipality still own it.
	...

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