The Rules of Investing Warryn Robertson: The secret to owning the world’s best assets
Oct 10, 2025
Warryn Robertson, portfolio manager at Lazard with 20+ years investing in infrastructure like toll roads and transmission lines. He explains rules for owning cash-generating monopoly assets. He contrasts listed versus private markets, rates and inflation effects, and whether data centres count as true infrastructure. He shares how a strict definition and patience shape long-term investing.
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Definition Beats Physical Form
- Define infrastructure by how assets generate cash, not by physical traits.
- Monopolistic, regulated or contracted, often inflation-linked cashflows produce predictable long-term returns.
Don't Overpay For Quality
- Always value infrastructure carefully and avoid overpaying for great assets.
- Price is what you pay, but value is what you get.
Rates Depend On The Why
- Rate moves matter mainly for why rates change; inflation-linked assets can be immunised.
- Infrastructure sits between bonds and equities offering strategic diversification in a 60/40 mix.