In June, I provided the audience at IREI’s Institutional Investing in Infrastructure conference with a quick view of the world as we (meaning I) see it. The takeaway was that the infrastructure world is messy, really messy — especially when compared to the traditional securities and fixed-income asset classes — but it looks messy in comparison with other real assets sectors as well.
Pretty much anyone with access to a computer can find appropriate and profitable equity and bond investments. Press a few buttons and bing, bang, boom — you’ve bought or sold a security or bond.
Real estate is more complicated than securities and fixed income, but, at its heart, real estate is simply a bunch of bricks and a tenant. An office building in London is pretty much the same as an office building in New York City, which is pretty much the same as an office building in Tokyo — give or take an earthquake or two.
Infrastructure isn’t there yet.
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