Stray Reflections Build, baby, build
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Jun 7, 2025 Daniel Dreyfus, CIO at Bornite Capital, discusses the urgent need for enhanced U.S. power infrastructure to meet rising electrification demands. He delves into the evolving job market influenced by AI, emphasizing a return to skilled labor. The conversation covers the critical role of private equity in infrastructure, navigating investment complexities, and the significant implications of China's export cuts on global commodities. Dreyfus highlights the relationship between gold prices and federal debt, providing insights into future market dynamics.
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From Drill to Build Energy
- The US is shifting from "drill baby drill" to "build baby build" to rebuild power infrastructure.
- Electricity powers every semiconductor, making electric power the new critical resource over oil.
Surging Power Demand Challenges
- US power demand was flat due to efficiencies and offshoring but is set to surge with electrification and reshoring.
- This will create severe power deficits as infrastructure builds at geological, not internet, speed.
Value of Existing Infrastructure Assets
- US power infrastructure is antiquated and severely underinvested for modern needs.
- Existing assets will gain value as costs for new builds skyrocket under tariffs and inflation.