从各季度#博枫基建股东信# 中摘抄一些时效性不高的文字。$Brookfield基础设施(BIP)$
The Case for Infrastructure
【投资基础设施资产的理由】
The global macroeconomic environment in the past year was characterized by several key headwinds driving market uncertainty and volatility, namely elevated levels of inflation and corresponding interest rate increases.
过去一年，全球宏观经济环境的特点是几个主要逆风因素（通胀水平上升和相应的利率上调）导致市场不确定性和波动性。
Although inflation appears to be cresting in most countries, it is possible that certain structural dynamics prove harder to abate, such as the effects of deglobalization, energy security and a tight supply of skilled labor. This may result in continued near-term market volatility and downward pressure on corporate earnings with cyclical exposure.
尽管大多数国家的通货膨胀似乎已见顶，但某些结构性动力可能更难减弱，如去全球化的影响、能源安全和熟练劳动力供应紧张。这可能导致短期市场持续波动，并对有周期性风险敞口的企业盈利造成下行压力。
Investing in infrastructure assets provides many benefits for investors seeking to manage volatility. One of the main advantages is the opportunity to participate in steady, long-term returns.
投资基础设施资产为寻求控制波动性的投资者提供了许多好处。主要优势之一是有机会获得稳定、长期的回报。
Infrastructure assets such as utilities, pipelines, ports and telecom towers are essential for the functioning of the economy and society. Investments in infrastructure, while not agnostic to the macro environment, typically perform well through all parts of the market cycle, and notably outperform during economic troughs.
公用事业、管道、港口和电信塔等基础设施资产对经济和社会的运转至关重要。基础设施投资虽然不会不受宏观环境的影响，但通常在市场周期的各个阶段都表现良好，在经济低谷期间表现尤其出色。
The following key characteristics of infrastructure investments exemplify this perspective:
基础设施投资的以下主要特征证明了这一观点:
Highly contracted or regulated revenue. The commercial frameworks underpinning infrastructure assets are generally long duration and therefore provide sustainable cash flow predictability. The counterparties to these agreements are usually governments or investment grade corporates, typically possessing a high degree of credit quality.
高度合同化或受规管化的收入。支撑基础设施资产的商业框架通常存续期较长，因此可提供可持续的现金流可预测性。这些协议的交易对手方通常是政府或投资级公司，通常拥有较高的信贷质量。
History of inflation protection. An advantage of investing in infrastructure assets is that they can act as a hedge against inflation. The cash flows generated by infrastructure assets are often linked to inflation, which means that as the cost-of-living increases, so do the revenues generated by the assets. As a result, infrastructure revenues are well-positioned to expand or at least maintain margins during periods of elevated inflation.
抗通货膨胀的历史。投资基础设施资产的一个优势是，它们可以对冲通货膨胀。基础设施资产产生的现金流通常与通货膨胀挂钩，这意味着随着生活成本的增加，资产产生的收入也会增加。因此，基础设施的营收处于有利地位，可以在通胀上升期间扩大或至少维持利润率。
Upside growth potential. Exposure to infrastructure is an ideal choice for investors that value defensive attributes but are also seeking to benefit from growth during an economic downturn. In addition to providing steady returns and inflation protection, infrastructure assets also play a role in promoting economic growth.
上行增长潜力。对于那些看重防御属性，同时又希望在经济低迷期间从增长中获益的投资者来说，投资基础设施是一个理想的选择。除了提供稳定的回报和抗通胀外，基础设施资产还发挥着促进经济增长的作用。
By providing essential services, such as transportation and energy, many infrastructure assets continue to grow during economic slowdowns helping to increase productivity, create jobs, and promote development, while also increasing in value during periods of GDP expansion.
通过提供运输和能源等基本服务，许多基础设施资产在经济放缓期间继续增长，有助于提高生产率、创造就业机会和促进发展，同时在GDP扩张期间增值。
In summary, the resilient nature of infrastructure, with its highly contracted and regulated revenues provides fixed income-like cash flows, inflation protection and upside from the participation in economic growth. This makes the asset class an appealing investment choice in all market conditions.
综上所述，基础设施的韧性特征，及其高度合同化和受规管化的收入，提供了类似固定收入的现金流、通货膨胀保护以及参与经济增长的好处。这使得该资产类别在所有市场条件下都是一个有吸引力的投资选择。