How to quotwork smarter not harderquot when it comes to investing











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Lazard Asset Management's Warryn Robertson has been working in markets for more than three decades - and there is one key lesson he has learnt in that time that has made the most significant contribution to his investment success. • Investors need to work smarter, not harder - if you are spending far too much time on complex problems, businesses or investments you are not going to have the same payoff as you would solving simple problems instead. • Infrastructure businesses are a great example of this. These investments are typically monopolistic and have inflation-protected revenue streams - boring like bonds are, as Robertson puts it, but with equity-like returns. They also are more likely to generate predictable earnings over long periods. • In this Views from the Top interview, Robertson shares the incredible story that inspired his career in investments in the first place, why he believes infrastructure assets can help investors stay afloat in 2024, as well as some of the listed companies he likes right now (and the areas he recommends investors avoid over the year ahead). • Timecodes: • 0:00 - Intro • 0:31 - What kickstarted Warryn's interest in investment management • 2:57 - The greatest lesson from 30 years in markets: Work smarter, not harder • 4:14 - Why infrastructure investments? • 5:40 - How have Lazard's portfolio companies been impacted by COVID + rising interest rates • 6:46 - Attributes of great infrastructure investments • 7:25 - Businesses to avoid • 8:21 - Where Lazard is finding opportunities today • 10:30 - Long-term performance expectations (and is CPI+5% achievable?) • 11:42 - Why US utilities could face headwinds from here • 13:09 - M A opportunity in the sector • 14:27 - Warryn's view from the top

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