The investing playbook may be changing—and Tyler Rosenlicht, Portfolio Manager, Global Infrastructure at Cohen & Steers, says investors need to be ready. In this episode of In the Money with Amber Kanwar, Rosenlicht makes the case that we’re moving from an era of abundance to an era of scarcity—where inflation is higher, more volatile, and driven by structural shifts like deglobalization, supply chain reshoring, and rising geopolitical risk. He explains why real assets—like infrastructure, natural resources, and commodities—could play a much bigger role in portfolios, and why now may be the time to move to the higher end of allocation ranges.
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Infrastructure construction leader providing specialized services for power lines, pipelines, fiber, and electrification projects.
- Accelerating end-market capex driving strong revenue growth: Revenue is on track to nearly double from sub-$10B in 2022 to ~$18B next year (per consensus), fueled by the global buildout of transmission, generation, and data infrastructure.
- Improving business quality and predictability: Engineering & construction firms like MasTec are seeing revenue opportunities expand, margins improve, and earnings visibility increase — leading to multiple expansion as these become “better businesses.”
- Scarce specialized labor as a structural tailwind: Offering hard-to-find skilled workers (welders, electricians, etc.) in a demographically tightening market makes their services increasingly valuable to utilities and industrials over the long term.
2. ConocoPhillips (COP)
Major American oil producer with a deep resource base and significant Canadian oil sands exposure.
- Positioned for free cash flow acceleration as the energy cycle matures: Long-life inventory of oil in the ground is underappreciated by the market and can be converted into shareholder returns over the next 20+ years.
- Benefits from industry consolidation and synergies: The Marathon Oil acquisition (completed in late 2024) is delivering operational efficiencies, lower G&A, better engineering capabilities, and improved execution — with full benefits still unfolding.
- Strong alignment with global energy trends: Tyler favors producers with durable, long-duration oil resources that can deliver reliable supply in a world that continues to need conventional and oil sands production for decades.
3. Tamboran Resources (TBN)
Speculative/higher-risk natural gas explorer focused on the emerging Beetaloo Basin shale play in northern Australia (described as Tyler’s “spiciest” pick).
- Potential for a new prolific shale basin: Significant investment in engineering and geology suggests the Beetaloo could become a highly productive gas resource, helping address Australia’s domestic gas shortages and supporting LNG exports.
- Geopolitical energy security tailwind: Australia needs more domestic production to feed export facilities and stabilize supply; successful development here fits the broader theme of sourcing natural resources from more stable, diversified locations worldwide.
- Near-term catalysts with manageable financing: Currently in the pilot drilling phase — well results expected over the next two quarters. Recent equity raise provides liquidity, and partnerships with larger integrated players could fund further development if early data is positive.
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DISCLAIMERS: This text AI generated and should be checked against actual delivery. The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
