The Impact of Infrastructure

Published on
March 5th, 2018
30 minutes

The Impact of Infrastructure

The Expert View ·
Featuring Rachel Ziemba

Published on: March 5th, 2018 • Duration: 30 minutes

As the Fed normalizes monetary policy, investors across asset classes have begun to focus their attention on the fiscal side of the policy mix, with a special eye toward infrastructure spending and development. Economist Rachel Ziemba unpacks the relationship between infrastructure, growth, and inflation — and explains its relevance to investing decisions.


  • IZ
    Ignacio Z.
    12 April 2018 @ 11:36
    I think that we have been told were will the next bubble-bubble is going to happen.... infrastructure, keneysian way, with “multipliers”included!!!
  • RT
    Rune T.
    5 March 2018 @ 13:23
    We need a "skip intro" button - it's almost like watching regular TV where everything is repeated... which is a complete waste of time and it certainly kills my focus, I simply drift off into other thoughts when the repeat-bits start...
    • JW
      Joel W.
      5 March 2018 @ 15:53
      I agree. The less time spent on intro the better. On a similar note, I do appreciate having the interview questions written on the screen because of how much faster it is to read than have someone speak and how it keeps focus on the guest.
    • EF
      Eric F.
      5 March 2018 @ 16:12
      Jeez, the intro is like seconds! It makes sense to keep it as provides context. Having the questions spoken is preferable for audio only listeners too.
    • DS
      David S.
      5 March 2018 @ 20:54
      Normally the tease does not provide context. The written explanation given on each video is much more useful. DLS
    • CO
      Craig O.
      6 March 2018 @ 04:16
      When I know I want to watch a piece I usually hit the button to skip ahead 15 seconds until I'm at the meat. I like the intro for the times I'm not sure where the piece is going.
    • MB
      Matthias B.
      6 March 2018 @ 09:51
      I thought that the introduction of the intro at RV was a much welcomed step as it provided a hint about what is to come; I do not think that the length of it is overly expensive so time/benefit aspect is favorable for me to keep it.
    • OB
      Olivier B.
      16 March 2018 @ 01:12
      I agree with others that the intro is just annoying and a loss of time. I loved in the first days of RV when you would get straight into the interview and things were less «structured». It was added 9/12 months after I never understood why. I 'm not asking you get back to the old days but at least provide a skip intro button.
  • KS
    Kathleen S.
    11 March 2018 @ 15:54
    Normalize monetary policy says it all --- The Fed can NEVER normalize monetary policy without the entire ponzi scheme falling down. What a joke.
  • MK
    Michael K.
    9 March 2018 @ 19:53
    100% waffle
  • SS
    Sam S.
    8 March 2018 @ 15:21
    The questions to Rachel seem to have a similar tone or a different way of asking the same question. She very knowledgeable, well spoken. I really didn't get the "keynesian" point Greg M is making, other than some debt discussion. Just have to stay tuned.
  • GM
    Greg M.
    8 March 2018 @ 10:30
    Keynesian non-sense. As hugh hendry said to stiglitz - excuse me, let me tell you how things work in the real world.
  • RP
    Raoul P. | Founder
    5 March 2018 @ 16:01
    We do an intro so that you can efficiently assess the suitability of the piece as each one is a time investment and your time and return on it is important.
    • EF
      Eric F.
      5 March 2018 @ 16:13
      Makes sense, please keep.
    • RT
      Rune T.
      8 March 2018 @ 01:13
      Which is a great thing RP - however I'd still like to get a "skip intro" option. I've already decided (at least until further notice) that all videos are worth my time - even the few less good ones. I understand other people might be racking in millions during the 30 minutes they would have otherwise "wasted" on RV but I'm fortunate enough to have plenty of time watching and learning what others make of the world/markets. I guess one could argue that I'd survive the intro and repetitions then, but to me they are a waste of time. If I need things repeated, I'll just hit the 15sec rewind.
  • JV
    Jason V.
    8 March 2018 @ 00:48
    Very interesting, informative and timely. Thank you, Rachel.
  • TS
    Tim S.
    7 March 2018 @ 16:34
    I'm surprised by the number of thumb down votes. I think she was strong early on in explaining the benefits of Infrastructure spending and how it impacts COGs and the overall supply chain. Later on she started to generalize and wandered into the fringe away from her core strengths (IMO) but all in all a diversified conversation. Thumb up from me.
  • JS
    Jim S.
    5 March 2018 @ 18:00
    Not necessarily a critique of this piece, but I am always curious/wary when economists refer to their judgment of any specific investment's "multiplier" (especially w/r/t public sector spending). Seems to invite massive economic/political bias without much supporting disclosure. It would be useful for any economist's audience to get the speaker's baseline multipliers across a variety of capital expenditure categories, along with corresponding ranges from the broader economic community. Shouldn't be hard to come up with basic disclosure to mimic an analyst's multiple assumptions, allowing the audience to understand if/how much the economist differs from broadly used multiplier ranges (or the listener's opinion of those ranges). In general, I do agree that WISE capital investment/allocation can have a significant positive impact on an economy (infrastructure) as it would on a company (capital spending/R&D). However, there is so much unwise spending in both areas that I wonder if a more detailed discussion of historical actual return/multiplier rates by category for public & corporate (& their quantitative justification) might be of value? Perhaps this exists in an easily consumable format already & RV could highlight?
    • RZ
      Rachel Z.
      7 March 2018 @ 16:07
      Great points! I was drawing on research that I had done in the past that looks across countries and sectors based on growth impact. Digging deeper into what I meant by that would be useful. Happy to share it if useful with RV subscribers. Of course, what generates growth is not the only or best measure of value to a community, country or investor. Entities like the WB and other investors are now coming up with new metrics - very important given the long life of these projects. Thanks!
    • RZ
      Rachel Z.
      7 March 2018 @ 16:07
      Great points! I was drawing on research that I had done in the past that looks across countries and sectors based on growth impact. Digging deeper into what I meant by that would be useful. Happy to share it if useful with RV subscribers. Of course, what generates growth is not the only or best measure of value to a community, country or investor. Entities like the WB and other investors are now coming up with new metrics - very important given the long life of these projects. Thanks!
  • us
    ujjwal s.
    7 March 2018 @ 04:55
    Real vision, please keep the good work, diversity and various views that you being is great, don't get what actionable ideas people keep posting in comment.
  • EK
    Emil K.
    6 March 2018 @ 19:26
    A fair number of comments regarding the 'empty calories' of this particular video. Fair enough. But it is useful to hear what the inside-the-beltway / consensus / official / insider view is of the issues. This video is what is being offered to the masses BUT ALSO inside the halls of power. Meanwhile, the Steve Keen piece (same format, same allotted time, similar publish date) receives overwhelming thumbs up from Real Vision viewers BUT he's not allowed anywhere near decision makers. No wonder we're not getting anywhere and beginning our second lost decade.
  • NP
    Nick P.
    6 March 2018 @ 10:24
    Wow, is it infrastructure or women in finance that is disliked?
    • IP
      IDA P.
      6 March 2018 @ 18:56
  • CQ
    Colin Q.
    6 March 2018 @ 09:56
    Good to see some women full stop.
    • IP
      IDA P.
      6 March 2018 @ 15:11
      ? why ? I'm a woman, what does that got to do with anything?
  • ss
    sid s.
    6 March 2018 @ 11:22
    unnecessary non nutritional filler .
  • NR
    Nathan R.
    6 March 2018 @ 11:22
    I hate this format and the topics. The talking head not being actively interviewed and jagged editing cuts are distracting. I can feel myself switching off and feeling less engaged with Real Vision.
  • SM
    Stephane M.
    6 March 2018 @ 11:04
    She lost me with this: "the tax cut is likely to increase the debt and deficit quite significantly". This is the king of things I'm earing every day on CNBC. Let's try it the other way... Tax increase is likely to decrease the debt ant deficit quite significantly! Ya right, 10 TRILLIONS of new debt in 8 years with the last guy who tried it!! How come economists don't like it when people have more money in their pocket?? Do they think it will be better spent by the government?!?!?
  • PU
    Peter U.
    6 March 2018 @ 09:49
    upon further reflection on the efficacy of this video . . . worthless
  • PN
    Paul N.
    6 March 2018 @ 04:48
    This piece could have used a lot more numbers and charts
  • YC
    Yves C.
    6 March 2018 @ 02:41
    Really a basic primer on subject. Rather theoretical, expected more concrete insights. Did not learn anything new
  • dw
    douglas w.
    6 March 2018 @ 02:01
    Wow! Tough crowd, video was fine, good to see some women that actually work in DC with an insight on economic government policy. Came away w/ infrastructure debt + qt + tradewar + interest rate increase = No Bueno.
  • PP
    Patrick P.
    6 March 2018 @ 01:07
    Did Rachel say growth has been good? Sorry, GDP since 2009 has been anemic. When you consider the ginned up numbers the government uses to calculated GDP, growth has been lousy. And if you remove all the increased debt since then to keep the party lights on....Oh well you get the picture....NO Rachel growth has not been good !!
  • JS
    John S.
    6 March 2018 @ 00:12
    Enough of the economists!
  • AP
    A P.
    5 March 2018 @ 23:23
    Empty talk!
  • DS
    David S.
    5 March 2018 @ 20:43
    I would like to have follow-ups analyzing and identifying what companies, foreign and domestic, will benefit from the infrastructure build out in the US and worldwide by investors. An economic general discussion is only the beginning. DLS
  • PU
    Peter U.
    5 March 2018 @ 20:36
    nothing new in this video. It is a filler video.
  • GF
    George F.
    5 March 2018 @ 16:42
    I personally was hoping she would address the pension crisis in state government. For example in New Jersey, former governor Christie bragged about increasing pension contributions. One place the money came from was the state-operated railroad. New Jersey Transit’s Hidden Danger: Bad Brakes, Bare Wires, Rotten Parts I also think you cannot discuss funding anything in the US without talking about the military budget and possible future increases or decreases. As an aside I read that China is building commuter railroads in Nigeria.

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets. Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation. Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

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SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

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MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest Sellers list. Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

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Nugget's News, Founder & CEO

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TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offeringwhichutilizesa true online brokerage model that self-directed investors and traders have come to expect for equities, futures,and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovativeways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring.James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy. Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channelwatched by over 80,000 people.In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years. He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences. Other stop-off points on the way were NatWest Markets and HSBC, although hebegan his career by training traders in technical analysis.

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What Bitcoin Did, Journalist

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Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

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Bitwise Asset Management, CEO

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Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst.He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clientsand former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients.Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14.At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”)for the firm’s clients.Prior to that,Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006.While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in whichhe aggregated and combined proprietary research from Midwest with inputs from other sources.Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University.He earned the CFA designation in 2003.

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CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltemoversees the firm’s managed strategies group and its New York office and leads corporate development. Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem. Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.