摘要：在布鲁克菲尔德2025年投资者日上，公司首席执行官布鲁斯·弗拉特 (Bruce Flatt) 接受了彭博社丹尼·伯格 (Dani Burger) 的采访，共同探讨人工智能的未来。
在布鲁克菲尔德2025年投资者日上，公司首席执行官布鲁斯·弗拉特 (Bruce Flatt) 接受了彭博社丹尼·伯格 (Dani Burger) 的采访，共同探讨人工智能的未来。
布鲁斯·弗莱特是全球最大另类资产管理公司之一——布鲁克菲尔德（Brookfield）的CEO，他被誉为“加拿大的巴菲特”。他的投资风格简单说就是“反着来”，专挑别人不要的好东西。他喜欢投资那些能产生稳定现金流的实体资产，比如大楼、铁路和发电站。
一个经典案例是在2008年金融危机后，他带领布鲁克菲尔德投资了当时濒临破产的美国第二大商场运营商GGP（General Growth Properties）。在所有人都在抛售实体零售资产时，他逆势买入，最终帮助GGP重组并获得了丰厚回报。
和巴菲特一样，弗莱特也是个价值投资的信徒，不追热点，耐心寻找被低估的优质资产，并长期持有。两者都将自己的大部分财富投入到自己管理的公司中。不同的是，巴菲特偏爱投资消费、金融等领域的上市公司股票，而弗莱特更专注于直接收购和运营基础设施、房地产等实体资产，操作的“盘子”通常更大更复杂。
作为价值投资者，自家公司的股票表现也不会太差。BN美股1996年上市至今涨幅8319%。下图是BN的年K线图。
布鲁斯个人的身价也是水涨船高！
以下是禅兄对这次访谈的视频、中文翻译、解读，文章最后是英文原文。
【中文翻译】
Scarlet：好的，如约而至，我们现在把镜头转向在曼哈顿下城举行的布鲁克菲尔德投资者日活动。彭博《Open Interest》节目联合主播丹尼·伯格正在现场进行独家专访。丹尼。
丹尼·伯格 (Danny Burgerer): Scarlet，非常感谢你。我非常高兴地告诉大家，现在加入我的是布鲁克菲尔德的首席执行官布鲁斯·弗拉特 (Bruce Flatt)。布鲁斯，非常感谢你们邀请我们，也谢谢您能坐下来和我交谈。
布鲁斯·弗拉特 (Bruce Flatt): 谢谢你们能来。
丹尼·伯格: 那么，今天的投资者日活动，我认为是紧随着一个对行业而言非常激动人心的公告而来的，那就是您如何定位布鲁克菲尔德。即发展您的保险业务，并让其真正引领您的投资。如果用您的话说，这是一种演变，如果这是布鲁克菲尔德2.0版，那么布鲁克菲尔德2.0版是什么样的？
布鲁斯·弗拉特:我认为这是布鲁克菲尔德5.0版了。不过，你看，我只想说，世界总是在不断演变，而我们总是在努力弄清楚我们如何适应，如何承担足够的风险来扩展业务，让它随着时间的推移而增长，同时又不为股东承担任何不必要的风险。所以我们一直在业务中努力做到这一点。嗯，我们一直在做的事情是，将我们自己的资本，在我们投资管理业务之外，将我们自己的资本投入到支持保险年金产品中，并继续推动这项业务，其实做的和我们在投资业务中一直做的事情是一样的。只是在保险公司里做这件事，因为我们投资的那些东西，非常适合用来支持保险业务中的长期负债。所以，传统的保险是，你从保险业务中赚钱，并试图在投资中不亏钱。而如果我们把它反过来看，我们是试图在保险上不亏钱，而在投资中赚钱。这只是看待保险的一种不同方式。而且很明显，已经有一些公司成功地运用这种方法很多年了。
丹尼·伯格: 关于这点，因为有阿波罗（Apollo），有伯克希尔·哈撒韦（Berkshire Hathaway）。您在多大程度上与您的竞争对手相似或不相似？
布鲁斯·弗拉特: 我会说我们可能介于这两者之间。呃，阿波罗是一个信贷主导的保险业务，而伯克希尔·哈撒韦是一个投资主导的保险业务，我们可能介于两者之间，但可能比阿波罗更接近伯克希尔·哈撒韦。
丹尼·伯格:所以，现在正是这样一个时刻，更多的资本正涌入这个行业，无论是来自保险还是零售资金。我知道很多人都想分一杯羹，美国银行最近发布了一份报告，称布鲁克菲尔德可能落后于一些同行。您是否觉得这对布鲁克菲尔德来说是一个追赶的时刻？
布鲁斯·弗拉特: 不。呃，我想说，你看，我们正处于，呃，我们正处于第一局。在零售财富领域，我们甚至还没进入第一局。这个市场有20万亿美元的规模。我们花了25年时间处理前20万亿美元，也就是机构管理业务，现在机构对另类投资的配置比例是20%、30%、40%、50%。而在零售领域是零，我们有20年的发展空间。能够带来成功的是那些拥有经验和产品，并且能够适应零售账户的公司。而我们在那些应该进入零售财富领域的产品上，拥有25年的往绩记录。
丹尼·伯格:那么，如果我们甚至还没进入第一局，当您解锁了这部分零售资本，当零售成为更大的投资者基础之一时，这个行业在5到10年后会是什么样子？您和您的同行会发生什么？那会是怎样的情景？
布鲁斯·弗拉特:你看，我认为过去20年里，私募市场一直在增长，因为你可以直接拥有企业，而没有公开市场的干扰。如果你需要流动性，你会去公开市场，通常是投资于ETF。而这使得我们作为私募市场投资者，能够利用资本市场来购买资产，因为那些被ETF市场抛在后面的人，你可以将他们私有化。但越来越多的资金正流入私募领域，这对我们所有人来说都是令人兴奋的。而且它会继续增长，无论是在机构管理领域——随着世界上这些主权机构养老基金因不断复利而变得越来越大，还是在零售领域。零售是从零开始，如果最终我们能占到退休账户的20%、30%，那将是为另类投资行业带来的巨额资金，而能做我们所做之事的人并不多。
丹尼·伯格:我知道您认定的另一个巨大机遇领域是人工智能基础设施，我早些时候和康纳（Connor）也谈到过这个。布鲁克菲尔德的地位非常独特，因为你们不仅涉足基础设施领域，也涉足能源领域。人工智能基础设施是一个需要大量资源的行业，无论是人力资源、资本，还是能源。是否存在这样一种风险，即过多资源被投入到人工智能基础设施中，导致其他私人投资，乃至公共投资，没有得到应有的关注？
布鲁斯·弗拉特:所以我想说，我们正处于早期，再次强调，我们正处于这个领域的极早期阶段。全球范围内人工智能的建设规模将会非常非常大，它现在已经很大了，但每年都在变得更大。你也看到了一些大型科技公司近期的所作所为。但这将会是……它始于美国，但正在走向全球，它实际上就是全球经济的下一个支柱。而这正是我们几十年来一直在做的事情——建设全球经济的支柱。人工智能将成为一个国家部署业务和改善业务所必须建立的入门标配。因为这将带来企业的生产力进步，那些没有它的将会失败，而拥有它的将会胜出。所以，它将在世界范围内被建立起来，投入到数据中心、投入到为此供电的资本数额，以及计算能力的建设，都非常非常庞大。事实上，我从未……我们实际上从未见过这样的事情，而这对于世界上最大的支柱性投资者之一来说，可能说明了很多问题。
丹尼·伯格: 当然。嗯，您谈到这将产生很多赢家，但布鲁斯，听起来也会有一些真正的输家，一些真正在这场转型中被甩下的人。
布鲁斯·弗拉特:你知道，我实际上认为，在这些转型中，当然，总是在边缘地带，总会发生一些不尽如人意的事情。但总的来说，转型，想想电脑刚问世的时候，每个人都认为会有人失业。还有你的iPhone，人们也认为会有人失业。实际发生的是，我们世界的人口总体上在萎缩，而机器人技术和先进的生产力只是在帮助我们把事情做得更好，我们都会变得更有生产力。这意味着将有更多的财富可以分配，如果我们做得对，我认为这对世界来说将是一件好事。
丹尼·伯格: 但关于几周前萨姆·奥特曼（Sam Altman）的评论，他基本上说我们现在正处于投资者对人工智能过度兴奋的阶段。您认为是否存在一些过度兴奋，尤其是在定价等方面？
布鲁斯·弗拉特: 所以请记住，我们做的是建设全球经济的支柱。我们为世界上最优秀的公司和主权国家建设电力、数据中心、计算能力。所有这些都有长期合同作保障，我们则在幕后为他们提供巨额资金。我们谈论的是每个项目250亿、500亿、1000亿美元。这是巨大的资本。当然，当人们兴奋起来，每个人都想参与进来时，是会有人犯错的。所以我不是说不会有错误。但是，我想说对我们而言，我们是在幕后。我们做这件事已经很久了。而且，我认为，这是一个能在很长一段时间内都很好的投资领域。
丹尼·伯格:您知道，您参与这个领域也有一段时间了。我记得在2022年，您与英特尔（Intel）合作在那里建设了一些基础设施。其中一个变化是，就拿英特尔为例，政府的参与更多了，美国政府考虑持有10%的股份。如果政府更多地参与进来，这是否会改变投资这类项目的考量？
布鲁斯·弗拉特:不，你看，我认为他们这样做有特定的原因，我不需要对此发表评论。我只是认为商业世界在演变。市场上有大量的资金，企业在持续增长和建设。我们将会看到，政府将不得不为人工智能的建设提供便利，因为他们自己也需要大量的主权能力。比如，政府需要处理你的护照、驾照和其他一切。当你进入美国，你现在去边境，它会在屏幕上读取你的照片，然后让你入境，这就是数据中心的能力。归根结底，简单来说，就是这么回事。每天，这类事情都在走向人工智能。你可能只以为它看到了你的照片就让你入境了，但当你在边境时，它检查了你的脸，检查了与你有关的一切，然后才让你进来。而发生的情况是，它就这样渗透到你的生活中。人们并没有意识到它正在发生。但这背后是数万亿、数万亿、再数万亿美元的投资。
丹尼·伯格:布鲁斯，我不知道对你刚才说的话是该感到兴奋还是恐惧。但如果我们身处其中，并且政府需要更多地参与，我的意思是美国的措施，再次，有些人批评说这像是中央计划，持有公司股份，同时又试图从像英伟达（NVIDIA）和AMD这样的公司那里获得收入分成。这类举动会让您担忧吗？或者，您只是认为在我们所处的这个新世界里，这些是必要的？
布鲁斯·弗拉特:你看，我只是认为，美国政府有它的战略。他们正在部署它。他们在做的很多事情上都做得非常出色，他们在支持美国企业，他们将以他们认为最合适的方式建设美国的企业，我认为他们做得很好。
丹尼·伯格:就这一点而言，布鲁斯，因为您的位置非常独特，不仅能看到所有投入到人工智能基础设施的投资，还能看到布鲁克菲尔德所触及的广大经济领域，在人工智能建设和劳动力市场放缓、企业可能不太确定之间，您对美国经济感觉如何？这是一个疲软的时刻吗？是一个放缓的时刻吗？还是这仍然是一个非常强劲的经济体？
布鲁斯·弗拉特:我是一个长线思考者，我想说，短期内发生什么并不太重要。我们不太关注它。记住，我们正在为未来40或50年建设人工智能基础设施。这才是我们思考的。今天的美国拥有能源主导地位、技术主导地位，是世界上最大的经济体之一，是世界上最富有的经济体之一，并且拥有一个非常具有企业家精神的工人阶级。它将会胜出。我们继续在这方面投入大量资金。嗯，我想我们今年可能在美国投资了300亿、400亿、500亿美元。在很长一段时间内，美国都将是一个绝佳的投资之地。
丹尼·伯格: 布鲁斯，我认为以此作为结尾再好不过了。非常感谢您的参与。真的，真的很有启发……
布鲁斯·弗拉特: 感谢你为我们的投资者日做暖场表演。
丹尼·伯格:我正想说，祝您接下来的活动一切顺利。希望您已经热身完毕，准备好向观众演讲了。布鲁斯，再次感谢。说到这里，Scarlet，我把镜头交还给你，这是布鲁克菲尔德的布鲁斯·弗拉特。
Scarlet: 好的。非常感谢，彭博的丹尼·伯格，彭博《Open Interest》节目联合主播，在布鲁克菲尔德投资者日现场报道。
【禅兄解读】
布鲁克菲尔德CEO布鲁斯这段访谈中，禅兄最喜欢的是这句话：传统的保险是，你从保险业务中赚钱，并试图在投资中不亏钱。而如果我们把它反过来看，我们是试图在保险上不亏钱，而在投资中赚钱。中国似乎没有保险公司这么看待保险业务。因此，中国保险不会有布鲁克菲尔德，更不可能有伯克希尔！从1965年至今，巴菲特一直在讲保险的生意本身并不好，关键是你能不能用好”浮存金“。
通过这段彭博对布鲁斯的访谈，禅兄个人觉得有几个核心点值得我们推敲学习。
1、AI基础设施：卖铲子的淘金者 ⛏️
AI技术，尤其是其基础设施，正成为全球经济的新支柱。我们正处于一个前所未有的建设阶段，需要投入海量资金用于建设数据中心、电力设施和计算能力。
禅兄想起了19世纪美国加州的淘金热，真正发大财的，不是那些辛苦挖金子的矿工，而是卖铲子、牛仔裤（levis）和水的商人。
在AI这波新淘金热中，英伟达（NVIDIA） 就是那个卖铲子的。所有AI公司，无论大小，都需要英伟达的GPU来训练和运行他们的模型。这就是为什么英伟达的股价能一飞冲天，成为全球市值最高的公司之一。
布鲁斯·弗拉特强调的AI基础设施，就是这个道理。除了英伟达，像美国电力（American Electric Power） 这样的电力公司，以及Digital Realty Trust这样的数据中心REITs，也都是在为AI淘金者提供“水电煤”的核心供应商，他们的长期价值同样不可估量。
这是禅兄一直在关注研究的，就是电力行业。这才是AI的基础设施。另外一个就是水。我们国家在这方面的优势是很明显的。
2、美国经济：穿越迷雾的领航船
尽管短期内可能会出现波动，但从长远来看，美国经济依然强劲。其在能源、技术和创业精神方面的领先地位，使其成为一个极具吸引力的投资目的地。
巴菲特说过：“永远不要做空美国。”看看苹果（Apple） 和微软（Microsoft） 这样的公司，它们之所以能成为万亿市值的巨头，正是因为它们植根于美国这片拥有顶尖科技、强大消费能力和创新精神的土壤。即使在2008年金融危机最严重的时候，如果你坚持投资这些优质的美国公司，最终也会获得丰厚的回报。
布鲁斯·弗拉特表达的是同样的信心：不要被短期的风浪吓倒，美国经济这艘大船，长期来看依然会稳健前行。
3、另类投资：从机构到个人的新大陆 ️
私募市场将继续增长，成为投资者寻求更高回报的重要渠道。尤其是零售财富市场，拥有20万亿美元的巨大潜力，将成为另类投资的新蓝海。
过去，像黑石集团（Blackstone） 这样的私募巨头，主要服务的是养老金、主权基金这样的大机构。普通人很难参与其中。这就好比一块富饶的新大陆，只有少数拥有大船的探险家才能到达。
现在，情况正在改变。越来越多的另类投资产品，通过ETF等形式，向普通投资者开放。比如，景顺（Invesco） 发行的高级贷款ETF（BKLN），就让普通人也能投资于私募信贷市场。
布鲁斯·弗拉特所说的“20万亿美元零售财富蓝海”，正是指这块即将向大众开放的新大陆。对于普通投资者来说，这意味着更多元化的投资选择和获取更高回报的机会。
霍华德.马克斯的橡树资本已经被布鲁克菲尔德收购，橡树资本就是做另类投资的，之前在马克斯的访谈中，他也多次提到信贷市场的一些机会，这个对于有外汇的投资者，是值得注意的机会。关于另类资产投资，以后会多介绍，下周聊一下阿波罗这家公司，挺有意思的。
4、保险业务：巴菲特的炼金术 ✨
通过将传统的保险模式转变为投资导向型，可以为投资提供源源不断的低成本资金，从而实现更高的回报。
巴菲特的伯克希尔·哈撒韦（Berkshire Hathaway），本质上就是一家保险公司。保险公司会先收到我们交的保费，过一段时间后才需要赔付。这中间的时间差，就形成了一笔巨大的、几乎没有成本的“浮存金”。巴菲特就是利用这笔“浮存金”，去投资可口可乐、美国运通等优质公司，从而获得了惊人的回报。
布鲁斯·弗拉特现在做的，正是复制巴菲特的成功之路。通过发展保险业务，布鲁克菲尔德可以获得稳定而廉价的资金，用于投资他们擅长的基础设施和房地产等领域，从而实现“钱生钱”的魔法。
【英文原文】
Let's go over now, as promised, to Brookfield's investor day in lower Manhattan. Bloomberg Open interest co-anchor Danny Burgerer is standing by with an exclusive interview. Danny.
Danny Burgerer: Scarlet, thank you so much. I am so pleased to say that joining me now is Bruce Flatt, the chief executive officer of Brookfield. Bruce, thank you so much for having us and for sitting down with me.
Bruce Flatt: Thanks for being here.
Danny Burgerer: So, your investor day today comes off the heels of, I think, a really exciting announcement for this industry of how you're positioning Brookfield. that is growing your insure and really letting that lead your investments. If this is a in your words an evolution, if this is Brookfield 2.0, what does Brookfield 2.0 look like?
Bruce Flatt: I think it's Brookfield 5.0. But uh look, I would just say that the world is always evolving and we're always just trying to figure out how do we fit how do we uh take enough risk to expand the business to grow it over time and not not um take any undue risk for shareholders. So we continually try to do that in the business. And um the thing that has uh what we've been doing is taking our own capital uh outside of our investment management business, taking our own capital and putting it into uh back insurance annuitiesand um continuing to push that business out there and and really just doing the same thing that we do in our have always done in our investment business. just do it in the insurance company because the things that we uh invest into are ideally suited to back long-tailed liabilitiesin an insurance business. And so it's just traditional insurance, you make money out of insurance and you try to not lose money in investing. And if you flip that on its head, we're trying to not lose money insurance and make our money in investing. And and it's just a different way of looking at insurance. and and there's been some obviously that have successfully deployed that methodology for years.
Danny Burgerer: on that because you have Apollo, you have Berkshire Hathaway. To what degree do you look like your rivals or not look like your rivals?
Bruce Flatt: I'd say we're probably somewhere in the middle of those two. Uh Apollo is a credit-led uh insurance business and Berkshire Hathaway is an investment-led insurance business and we're probably somewhere between the two but probably closer to Berkshire Hathaway than than uh than Apollo.
Danny Burgerer: So, it is this moment where more capital is coming into this industry, be it from insurance or retail money. I know that this is something that a lot of people want to get their hands on and Bank of America recently put out a note saying Brookfield is maybe behind some of its peers. Do you feel like this is a moment of catch-upfor Brookfield?
Bruce Flatt: No. Uh I I would say look, we're in a uh we're in the first inning. We're not even in the first inning of retail wealth. Like this is there's a there's a 20 trillion market out there. We spent 25 years on the first 20 trillion which is institutional management and now allocations to alternatives are 20 30 40 50% in institutions. They are zero in retail and we have a 20-year runway. What's going to going to lead to success is those that have experience and products that can fit into in retail accounts. And we have a 25-year track record in the exact products that should be in retail wealth.
Danny Burgerer: So if we're not even in the first innings yet, what does this industry look like in 5 10 years from now when you have unlocked this retail capital when retail becomes one of the bigger investor bases? What happens to you and your peers? What does that look like?
Bruce Flatt: Look, I think private markets for the last 20 years have just been increasing increasing because um you can you just own businesses and you don't have the distractions of the public markets. Public markets are going to if you need liquidity be in the public markets and generally be in ETFs. uh and that uh allows us as private market investors to use the capital markets actually to buy things because the people that get left aside from the ETF market you can take them private but increasingly just more and more money is going into privates and uh that's exciting for all of us and and it'll it it's going to grow continue to grow both in institutional management as these sovereign institutional pension funds in the world just get bigger and bigger as they keep compounding uh returns but in retail retail, you're starting at zero and if we end up at 20 30% in retirement accounts, that's an enormous amount of money to um deliver to to an industry of alternatives and there's just not that many people that can do what we do.
Danny Burgerer: I know another area that you've identified as a really big opportunity and I was speaking uh with Connor about this earlier is AI infrastructure and Brookfield is so uniquely placed because not only are you in the infrastructure side, but you're on the energy side as well. It's an industry AI infrastructure that takes a lot of resources. Be it human resources, be it capital, be it that energy. Is there a risk that it's crowding out that so many resources are being plowed into AI infrastructure that other private investment, other public investment as well doesn't get the attention it needs?
Bruce Flatt: So I would say we uh we're at the early early again we're at the early early stages of this and the buildout of artificial intelligence uh globally is going to be very very it is very large but it is getting bigger every single year and you've seen some of the big technology companies what they've been doing of late but this is going to be um it's it's it's uh it starts in the United States but it's going global and it's really just the next backbone of the global economy And that's we've been building out the backbone of the global economy for decades and decades. The artificial intelligence is going to be just really the table stakes that you must build in a country to deploy uh your businesses and for your businesses to get better because what this going to lead to is productivity advances in businesses and and those that don't have it uh will lose and those that have it are going to win. So, it's going to be built out around the world and the amount of capital that's getting put into um into data centers into power for this uh and and really the compute capacity buildout is very very large. In fact, I've never I we've actually never seen anything like this and uh that probably says a lot from one of the largest backbone investors out there.
Danny Burgerer: For sure. Well, you're you're talking about that there going to be a lot of winners from this, but Bruce, it also sounds like there's going to be some real losers, some real people who who are left out in this transition.
Bruce Flatt: You know, I I actually think that um there these transformations, of course, there's always on the edges, there's always things that happen that aren't uh what you would want. But generally, transformation, think of the computer when it came out, everyone thought that people were going to lose. And your iPhone, people thought people were going to lose. What what happens is we are we're a shrinking population generally in the world and robotics and advanced productivity is just helping us do things better and we're all going to be more productive. It means there's going to be greater wealth to spread around and if we do it right um I think it's going to be great for the world.
Danny Burgerer: But what about the the Sam Altman comment a couple weeks ago basically saying we're in the phase right now where investors are over excited about AI. Do you think there is some over excitement especially when it comes to pricing and things?
Bruce Flatt: So remember what we do is build the backbone of the global economy. So we are building power, data centers, compute capacity for the best of the world and for sovereign countries and um all of those have uh long-term contracts in in place and we're behind the scenes providing them enormous amounts of money. Like this is we're talking per center 25 50 hundred billion dollars. This is enormous capital. Um, of course, when people when when excitement happens and everyone wants to get in on something, there are mistakes made by people. So, I'm not saying there will not be mistakes. Um, but, uh, I'd say for us, we're behind the scenes. We've been around this doing it a long time. And, uh, I think for, uh, it's a it's a great investment area for a long period of time.
Danny Burgerer: You know, you've you've again been part of this for a while. I remember in 2022 you had that partnership with Intel building out some infrastructure there. One of the things that's changed in this is you have just taking Intel as an example more involvement from the government a 10% stake the US government looking at taking does it change the calculus for investing in these types of things if you have governments more involved?
Bruce Flatt: No I look I think they did that for specific uh reasons which I don't need to comment on. I I just think the um the business world evolves. There's there's a lot of money out there and businesses continue to grow uh and build out and we're going to see we are going to see uh governments are going to have to facilitate the AI build out because they need a lot of sovereign capacity themselves like they they need governments governments to your passport driver's license and everything else when you come into the when you come into the United States you go to the border now and it it reads your um your picture uh on the screen and it lets you in the country and that that's data center capacity and when when you get down to it like just to take it really simple. That's what it is. And uh every day those kind of things are going artificial intelligence. You just thought that they uh saw your picture and let you in the country, but it's checked as you come to the border. It's checked your face. It's checked everything going on with you and it lets you in. And uh and and what happens is it just seeps into your life. And that's and people don't recognize it's happening. But what's behind that is trillions and trillions and trillions of dollars of investment.
Danny Burgerer: I don't know whether to be excited or terrified about what you just said to me, Bruce. But if we are in this and governments need to be more involved, I mean the US measures, again, some have kind of criticized it being like, oh, this is central planning, taking stakes in companies and at the same time trying to get revenue share from the likes of Nvidia and AMD. Do those kinds of moves concern you or again, do you just see them as as necessary in this new world we're in?
Bruce Flatt: Look, I just think uh the uh the United States government has a strategy. They're deploying it. They've done an excellent job in many of the things they're doing and uh they're supporting American business and they're going to build out American enterprise the way they best see fit and and I they're doing a great job.
Danny Burgerer: Just just to that point, Bruce, because you are just so uniquely positioned, not only to see all the investment going into AI infrastructure, but just on the large swath of this economy that Brookfield touches between AI built out and at the same time a labor market slowing, maybe corporations that are a little less certain, how do you feel about this American economy? Is it a moment of weakness? Is it a moment of slowing? Or is this still a very strong economy?
Bruce Flatt:I'm a long-term uh thinker and uh I would say I what happens in the short term is not really relevant. We don't pay too much attention to it. Remember, we're building AI infrastructure for the next 40 or 50 years. That that's what we're thinking about. The United States today hasenergy dominance, technology dominance, one of the largest economies in the world, one of the richest economy in the world, and a very entrepreneurial working class. It is going to win. and we we continue to put a lot of money behind that. Um I think we've probably invested 30 40 50 billion in the US this year. Um the United States is going to be a great place to invest for a long period of time.
Danny Burgerer: Bruce, I think that's the perfect note to end it on. Thank you so much for joining. Really, really fascinating to get... Thanks for being the warm-up act of our investor day.
Bruce Flatt: I was going to say best of luck for everything else. Hopefully you're feeling warm and ready to address the crowd.
Danny Burgerer: Bruce, thanks again. And with that, Scarlet, I'll toss back to you, Bruce Flatt of Brookfield.
Host: All right. Thank you so much, Bloomberg's Danny Burgerer, co-host of Bloomberg Open Interest at the Brookfield Investor Day.
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