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Gerald Stack

Infrastructure assets are well placed for inflation era

In theory, unlisted infrastructure should be priced at discounts to listed assets due to their illiquidity. In fact, the opposite has been the case, but both types are positioned to withstand the inflation threat.

Why infrastructure stocks can withstand higher interest rates

There's a common misconception that as a 'bond proxy', infrastructure asset prices will fall as bond prices do when rates rise. But these hard assets have sufficient inflation protection to drive a more robust outcome.

The resilience of airports

Looking back over the major economic downturns the world's markets have experienced, airports have shown their ability to bounce back from short-term passenger shocks.

Infrastructure risk factors in the current macro environment

Infrastructure assets range widely from toll roads, ports, airports, power distribution, communications, etc, but there are common risk factors to consider in all of them.

Listed versus unlisted infrastructure

When deciding between listed and unlisted infrastructure securities, the focus should be on the cashflows, the risks associated with those cashflows and the entry price to buy the assets.

Latest Updates

Retirement

2 billion reasons to fix retirement income

A proposal to address Australia's 'stranded balances' in retirement by requiring super funds to transition members to pension phase at 65, boosting retirement income and reframing super as a source of income.

Investment strategies

Not much alpha left in this bet

Google redefined advertising with its innovative business model, but its dominance is now under siege from AI competitors and shifting market dynamics.

Five simple reasons why Australian cash rates are highest

Australians are suffering the highest cash rates amongst their rich country peers for five simple reasons, including outdated inflation targeting and undisciplined monetary and fiscal policies.

Investment strategies

Spending big on AI: So where’s the proof it’s working?

Business leaders must reassess AI's return on investment using new frameworks that reflect productivity, capability shifts and long-term value creation.

Economy

Double down on renewables?

Global volatility has sharpened Australia's focus on energy security. Calls for domestic fuel production clash with renewable energy goals, sparking a debate on balancing traditional and sustainable energy sources effectively.

Investment strategies

Private Credit headwinds move onshore

It’s been a volatile couple of months in markets with the ongoing conflict in Iran. For Australian private credit investors, however, large exposures to real estate lending could mean the worst is yet to come.

Property

Five reasons unlisted commercial property is an attractive allocation in uncertain times

Cromwell takes a look at replacement cost as a practical lens on relative value in commercial property. When build-new costs rise faster than asset pricing, the gap can create opportunities in well-located existing assets.

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