- May 2008: Vol. 20 No. 5

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The Shape of Things to Come: Global Growth Dynamics Drive the Future of Infrastructure Investing

by Michael Underhill

Sir Winston Churchill was once quoted as saying: “In one respect a cavalry charge is very like ordinary life. So long as you are all right, firmly in your saddle, your horse in hand, and well armed, lots of enemies will give you a wide berth. But as soon as you have lost a stirrup, have a rein cut, have dropped your weapon, are wounded, or your horse is wounded, then is the moment when from all quarters enemies rush upon you.”

Our current investment environment reminds one of a cavalry ride, at times a bit rough and unpredictable, particularly with the transformation of the global economy. The ability to manage risk within a global infrastructure portfolio becomes a bit more challenging, particularly when one considers all the dynamics that are shaping the global investment environment.


The world’s economy is downshifting as it experiences increased risk from the U.S. housing slump, tighter credit conditions and elevated oil prices. A rec

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