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More on Dividend Growth Investing:
While energy infrastructure may not be nearly as exciting as investing in leading $1 trillion-plus market cap AI companies, its valuations are supported to a much greater degree by highly visible cash flow profiles and attractive return of capital yields, instead of hopes and dreams for massive growth rates for decades out into the future. Thus, for value investors who try to avoid speculation and instead generate stable, predictable earnings and are content with compounding their wealth at a mid-teens rate, I think few places are better than energy infrastructure today.
There are not that many BDCs that could be integrated into a prudent retirement income (or any conservative income-oriented) portfolio. It is not so much related to the heightened volatility, but the potential risks of experiencing permanent impairment of capital. There is a big difference between temporary price declines and complete value destruction, which usually comes with reduced dividends.
From an investment standpoint, interest rates play a huge role in the profitability of real estate for a variety of reasons. Most prominently, most buyers of real estate borrow money to fund a portion of the purchase. Often, 60-80% of the purchase price will be funded with debt. As interest rates go higher, purchasing becomes more expensive even though the seller isn't getting extra money.
The future is not towers versus satellites—it's an integrated communications ecosystem. Satellites, towers, fiber, edge computing, and data centers will increasingly work together, creating new opportunities for infrastructure owners.
In general, inflation is a tricky topic. AI itself is deflationary over time, as it replaces labor and puts the emphasis on “tokens.” The government can use that to stimulate the economy more aggressively, it benefits from more broad-based economic growth and even higher inflation due to its high debt-to-GDP ratio and elevated deficit.
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