In Episode 40 of the Tao of Chao Podcast, Philip Chao sits down with Tyler Rosenlicht, Senior Vice President at Cohen & Steers, for a conversation about infrastructure, real assets, and the long-term forces reshaping today’s investment landscape.
While artificial intelligence has become one of today’s dominant investment themes, Tyler explains that the technologies shaping the future depend on something far more fundamental: the infrastructure that powers them. From energy systems and utilities to communication networks and transportation assets, these essential investments help support modern economies every day.
Together, they explore why infrastructure deserves renewed attention, how real assets can complement traditional portfolios, and what long-term structural trends investors should be watching.
Infrastructure Is More Than Roads and Bridges
Infrastructure is often associated with highways, airports, and bridges.
Tyler explains that today’s infrastructure universe is much broader. It includes utilities, pipelines, communication networks, freight rail, data centers, and other essential assets that support everyday economic activity.
These businesses provide critical services that individuals and businesses rely on regardless of economic conditions, making them an important part of the global economy.
Why Real Assets Matter
Traditional portfolios have historically emphasized stocks and bonds.
Tyler discusses how real assets, including infrastructure and natural resources, can offer additional diversification because they often respond differently to changing economic environments.
Rather than replacing traditional investments, real assets may complement portfolios by providing exposure to long-term structural trends.
Rethinking Traditional Portfolio Construction
For decades, many investors relied on the traditional 60/40 portfolio of stocks and bonds.
Tyler explains that today’s investment environment may call for a broader approach. As inflation, interest rates, and structural economic shifts reshape markets, real assets can provide an additional source of diversification alongside traditional investments.
Rather than replacing stocks and bonds, infrastructure and natural resources can complement them by providing exposure to different economic drivers.
The Energy Demands of a Digital Economy
Artificial intelligence is changing more than software and computing.
Every new data center, cloud platform, and AI application requires significant amounts of electricity and supporting infrastructure.
Tyler explains that growing demand from AI, electrification, manufacturing, and population growth is increasing the need for reliable power generation, transmission systems, and energy infrastructure.
The investment story extends well beyond technology companies themselves.
Commodities and Long-Term Demand
The conversation also examines commodities and natural resources.
Tyler explains how supply constraints, geopolitical developments, and rising global demand continue to influence markets for energy and critical materials.
These resources remain essential for supporting infrastructure development and the broader transition toward an increasingly electrified economy.
Looking Ahead
As markets continue to evolve, Tyler encourages investors to think beyond short-term headlines.
Understanding infrastructure, real assets, and the long-term structural forces shaping the global economy can provide valuable perspective when building diversified portfolios.
Rather than focusing solely on the technologies capturing today’s attention, investors may also benefit from understanding the essential assets that make those innovations possible.
Listen to the Full Episode
Episode 40 of the Tao of Chao Podcast explores how infrastructure, real assets, and energy are becoming increasingly important as artificial intelligence, electrification, and global demand continue to reshape the economy.
Through his experience managing global infrastructure and natural resource portfolios, Tyler Rosenlicht offers thoughtful insights into the long-term trends influencing markets and the evolving role of infrastructure in diversified investment portfolios.
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