CharToe

@PahlaviReza x.com/sssssssssssame…

@tripphighgrade @tobi The difference is price discovery on what these assets are worth realtime. Infrastructure is just a business. Not an asset class.

@chartoe0710 @tobi Again, who do you think pays the people at Ferrovial? They also own a tiny stake in the 407

CPP underperforms passive indexing. It should have 5 employees, ideally all on vacation most of the time.

@tripphighgrade @tobi Which is why I said should all be public investment vehicles where there is price discovery. But if you gonna do it, at least spread it out across multiple funds. There’s is a fundamentally more risk concentration

@chartoe0710 @tobi What do you think those funds do? Same consultants, higher paid finance bros

@tripphighgrade @tobi Great. Then allocate the capital to public companies. Ferrovial is publicly listed. Theres no alpha giving capital to cppib infra team or blackstone for the matter. The whole cppib fund underperforms the index. And private teams and deals are expensive.

@chartoe0710 @tobi Now you’re paying 2% of assets and 20% carry. That’s more expensive than what CPP does which is co-invest alongside Blackstone and not pay said fees. CPP’s implied management fee is below market

@tripphighgrade @tobi I don’t want my pension plan dictated by a few finance bros and overly expensive consultants hired to make projections on paper and easily influenced. I rather it spread out across multiple funds and see that competition and performance play out.

@chartoe0710 @tobi Why not? This is how every infra fund operates. CPP is cheaper and hires the same calibre of people, just paying them less

@tripphighgrade @tobi 3) there are significant misalignment of interest and information when valuation time comes in. External third party rely on model and goodwill assumptions which are easily justified through cost of capital or business assumptions

@chartoe0710 @tobi Fair enough, but you get situations like the 407 that wouldn’t be available to most public issuers. 407 has spit out so much cash flow for those guys - I know CPPIB’s infra team and it’s not even funny how much that one makes them

@tripphighgrade @tobi Theres liquidity for price discovery in public markets. The reverse is a small deal teams buying private assets at significant valuations to look good, sitting on boards when they have zero experience in the business, and significant illiquidity/transparency

@chartoe0710 @tobi Right but those still cost money. You’re just flowing through the same expenses to management teams of said vehicles for operating assets + trading at a discount to NAV

@tripphighgrade @tobi There is significant allocations to private infrastructure and private equity also and yes, they should only hold shares in public real estate and public infrastructure vehicles which are available globally. Funds are a tiny fraction of investable universe

@chartoe0710 @tobi You’re right that there is a problem with the marks, but you’re suggesting that a pension fund should not allocate to real estate vs fixing their internal reporting?

@tripphighgrade @tobi yeah, let's just invest in private assets where their valuations are marked to an excel model

@tobi Dude come on, you’re smarter than this. So you want $1 trillion dollars to be passively indexed into ETFs? When SPY is going to be forced into double digit SpaceX exposure, why?

@tobi pensions aggregate massive amounts of wealth in the billions to a few decision makers when it should be spread out. then - canada infrastructure bank, canada growth fund, canada strong fund, building ontario fund = power shifted away from politicians / voters + deep state built

@jamiljivani truth is costly. in an era where tabloid journals make money, fake news manufacturing consent for the Epstein Class / foreign influences redirect foreign direct aid. it pays to ensure journalistic standards at some level. unfortunately, we still money laundering through ukraine

We're living through an affordability crisis. Instead of the CRTC using their power to challenge the telecom oligopoly and bring down the cost of your internet and phone bills, the CRTC is focused on making you pay even more for streaming the movies and shows that you like.

@LULGIVEMEABREAK @tobi you are the dumb one. they get net contributions therefore why the CPPIB is growing. net returns are not close to risk adjusted and the private assets are marked to model. one only needs to look at the multiples being bought for the assets to know its all a sham

On Wednesday, @wyattreed13 interviewed a courageous Lebanese paramedic named Ahmed Hariri Today, Hariri became a victim of a sickening act of Israeli terrorism The threat of death "does not make us afraid or even stop for a second from saving lives," he told Wyatt

Freed Gaza flotilla activists report sexual abuse in Israeli custody haaretz.com/israel-news/is…

I have huge respect for people with the courage to join the Global Sumud Flotilla. They put their bodies at risk because they do not believe their lives are more valuable than the lives of Palestinians. It is shameful that government ministers express indignation for Canadians when they have utterly failed to show it for Palestinians, who have endured untold cruelty for the better part of a century. But that’s the world we live in, and the bravery of the flotilla participants shows the glaring double standard, and helps build pressure to rein in the rogue state of Israel. It’s an extreme tactic in response to extreme impunity. And the goal is to stop the genocide and dismantle Israeli apartheid.

💢 NEW: Israeli double strike kills photojournalist and 3 paramedics — 7 paramedics killed in less than a day in southern Lebanon An Israeli drone strike on Deir Qanoun al-Nahr, a town in the Sour district of southern Lebanon, killed photojournalist and rescue worker Ahmad Hariri and fellow paramedics Ali Ghassani and Hussein Reda Kassir after they were struck while heading to the site of an earlier attack in the village, according to local reports and footage from the scene. The death toll from the double strike later rose to six. The victims included three paramedics, two Syrian nationals including a young girl, and Ali Alameh, a local barber who had stayed behind to offer free haircuts to residents refusing to evacuate. Earlier the same night, four paramedics from the Islamic Health Committee, affiliated with Hezbollah, were killed in separate Israeli airstrikes targeting two of the organization’s centers in Hanouiyeh, also in the Sour district. The Lebanese Press Photographers’ Syndicate mourned Hariri, saying he was killed “while carrying out his professional and humanitarian duty.” Lebanon’s Health Ministry condemned the strikes, noting they came less than two days after the World Health Assembly passed a resolution calling for the protection of medical personnel in Lebanon. Journalist @cbonneauimages also mourned her friend and colleague Ahmad Hariri in a post linked below.

Statement by the leaders of Canada, Australia, France, Germany, Italy, New Zealand, and the United Kingdom on the situation in the West Bank. pm.gc.ca/en/news/statem…