Podcasts
Episodes and series that shaped how I think — not how I stay current. Saved for the conversations that clarified a mental model, not just delivered information.
The TSMC episode reframed how I think about infrastructure moats. TSMC isn't just a manufacturer — it's a concentrated node of irreplaceable process knowledge, physical capital, and supplier relationships that took 35 years to build. No investor or competitor can replicate it on a 10-year horizon. The analogy to physical infrastructure — ports, pipelines, transmission grids — is direct. The most durable assets are the ones that are structurally impossible to compete with, not just expensive.
What this episode clarified for me is that infrastructure investing is fundamentally about owning cash flows, not assets. The physical thing — the tower, the pipeline, the road — is just a mechanism for generating a predictable, inflation-linked stream of fees. Once you internalize that framing, the valuation and financing logic follows naturally. Duration, leverage, and regulatory risk become the three variables that matter, and everything else is noise.