We capitalize on opportunities where we understand the value and the price is not trading at that in the markets.

We invest in three things: digitalization of everything (moving information to the cloud, data centers), artificial intelligence applied to businesses to make them better and more productive and transition to low carbon energy (solar and wind) and de-globalization of industry (moving industrial capacity back to western markets next to customers and tariffs). Many thing went to Asia and a lot of them will stay there because they have matured to the point where they are service economies themselves, but many products that have been developed there will move back to America because of the labor component with robotics are becoming less so the reason for them to be in Asia is less today than it has ever been and on top of that if there happens to be a tariff longer term then it is even going to quicken that process. 

Nuclear and gas has helped both with transmission bottleneck and increasingly battery storage at scale distributed will also help. 

“There are some countries in the world where they haven't yet transformed themselves to be service economies and they're reliant on jobs that were from outsourced manufacturing. And if you can do that closer to consumer, those countries may have some issues.

On balance for western countries, I'll just take the US as an example, you're bringing some jobs back, maybe not as many as left before to make the product. But if that product comes back, you've actually added jobs. And that's very positive, which sort of leads to the long-term story of America, which is the long-term story of America is extremely strong, because the US today has energy, capital, and technology dominance.

Energy, capital, and technology dominance. There's nobody in the world that has the technology businesses that the US has. There's nothing in the world that has the capital markets the US has.”

Industrial capacity used to be just for manufacturing of goods and today it is used for transportation of many goods that are delivered to homes. 

Our approach is that you should put a prudent amount of debt on assets that can withstand markets. 

Success in investing isn’t about making a lot of money in a short period of time. What it’s really about is earning reasonable returns over very long periods of time. 

We invest in backbone infrastructure largely. What’s important for us is to go to good countries with good people that you can operate with the standards we operate with and that those countries respect rule of law. We own datacenters, telecom towers and real state and industrial facilities.  Politics don’t really matter as long as you invest in a good country. 

Fuente: The knowledge project | Shane Parrish