‘Ordinary’ but exceptional: firms leading the US’s infrastructure renaissance

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Recorded16 Dec 2024

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The US’s transformational upgrade of its drainage, power and road networks is a long-term investment opportunity hiding in plain sight. In this podcast, Michael Taylor reveals some of the outstanding companies involved and makes the case that the markets have yet to fully appreciate the advantages working in their favour. Background: Michael Taylor is an investment manager in Baillie Gifford’s US Alpha strategy. In this Disruption Week briefing, he explains why years of neglect coupled with the destructive consequences of wild weather and our insatiable appetite for data-processing power have led the US to embark on a massive renewal of its physical infrastructure. Taylor suggests that many of the companies creating long-term value benefit from supply advantages, which help them defend their commoditised products’ prices. These range from ownership of gravel quarries, which are difficult to get planning permission for, to the use of a gigantic, portable plastic drain-making machine. In addition, Taylor discusses what a second Trump presidency might mean for the sector and why finding standout companies involves travelling off the beaten track. Resources: Disruption WeekBuilding back: the great US infrastructure opportunitySpotting the winners from the great US infrastructure renaissance Companies mentioned include: Advanced Drainage SystemsEatonComfort Systems USAMartin MariettaNVIDIAStella-Jones Timecodes:00:00 Introduction1:35 Exceptional businesses confronting an exceptional problem3:20 The US v global infrastructure opportunity4:35 Donald Trump’s second presidency6:40 The benefits of patience7:35 Wild weather8:45 Investing in Advanced Drainage Systems11:05 Labour shortages12:15 Stella-Jones’s wooden telegraph poles14:05 Tree-spotter specialists16:15 Martin Marietta’s supply-side advantage18:55 Recycled aggregates’ limitations20:15 Finding US infrastructure investments21:45 Comfort Systems USA and keeping datacentres cool24:20 “Massive in terms of magnitude of spend and duration”

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