Bruce Flatt

So if you're in the real asset space in the private markets,

It's very difficult to entitle land.

It's very difficult to get power.

It's very difficult to build, because you can't get people to build.

And therefore, the investment is tough to do.

And that's why the returns in it are excellent, because people need skills to be able to do it.

What most people focus on is the public markets.

There's a few securities which everyone wants to own, and therefore multiples go higher.

But in the private markets, it's very different.

And there is an underinvestment in what's going on in private markets because everyone's looking for additional AI cloud capacity, and it's very tough to build.

Easy sites have been built.

or committed, the hard sites, now the hard work starts.

And in particular, we need power.

And as you know, we have a huge power business.

And that's the bottleneck in artificial intelligence for the next 10 years.

First, when we build out infrastructure, we're generally leasing them for 25, 10, 20, 30 years.

to governments or large scale technology companies.

And we just have long term contracts.

This is just a leasing business, but we're building things for them that are super critical and only we and a few others can build them.

So we're providing that backbone infrastructure and