Bruce Flatt on Value, Discipline, and Durability

the fundamentals of investing hasn't changed at all. Buying great things or great businesses, holding for long periods of time. Earning cash returns. What's changed is the environment around it.

Backbone of the world is changing. behind your phone or your computer. You can have this podcast. on your cell phone and go for a run in the morning. How that gets delivered to you is

Data center storing it, fiber delivering it to you. Going to a tower and bringing it down to your phone wireless. And all of that needs enormous amounts of infrastructure, and all of that is built by private enterprise. Fifty percent of the backbone of what we own today. did not exist as an asset class for investment twenty years ago.

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