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Articles by Sarah Shaw
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There is a certain symmetry to Cliff Man's career. From a child growing up in Hong Kong making toys out of paper because his family could not afford many, to years later, building investment systems from scratch and launching a fund manager of his own - the material has changed. The instinct has not. I had to solve my own boredom. For the chief executive and co-founder of ETF Shares, the exercise was more than childhood ingenuity. It became an early lesson in making something from very little.
Impact beyond the byline
Rachel Alembakis knew from the age of three that she wanted to be a journalist. Over a 30-year career in journalism that boasts coverage finance spanning asset management, operations and custody across four countries, a good portion tracked the rise of sustainable investing and shaped the discourse around it. Growing up in a household where community service and improving people's lives were valued had a profound impact on me.
Power surge: The infrastructure boom investors shouldn’t ignore
This 21st edition of 4D's Trip Insights summarises the findings from Peter Aquilina’s recent travels across the United States. The trip provided valuable perspectives on the evolving political and economic landscape and its implications for infrastructure investment. A central theme was the unprecedented growth in energy load demand, driven by industrial onshoring, electrification, and the rapid expansion of data centres.
Building on strength: How infrastructure is shaping up for the rest of 2025
In 4D’s 2025 January Outlook we discussed what the year ahead could bring. Reflecting upon the risks and opportunities we highlighted, and the events of the last six months.
How the ‘Twelve-Day War’ moved oil markets and what happens next
In our 2025 Outlook piece, one of the main themes we were monitoring was elevated geopolitical risks, with Trump’s aggressive stance on foreign policy, trade, immigration, and drug enforcement significantly impacting ongoing conflicts (like Ukraine and the Middle East) and would introduce unpredictability in long-simmering tensions (such as China-Taiwan and the South China Sea). Among these risks, an oil price shock was flagged as having one of the highest likelihoods.
Where we’re bullish on Asian infrastructure (and where we're not)
This is the 18th edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits. It follows a recent research trip by our Senior Investment Analyst, Chris James and myself through Malaysia, Thailand, Hong Kong, China, the Philippines, and Indonesia. During the trip, we met with management teams from regulated utilities, communications, and transport companies. Observations across the region were mixed.
The unloved energy source undergoing a renaissance
Nuclear energy is undergoing a renaissance. Increasingly, nuclear energy is being recognised as a crucial part of the global energy transition, offering a reliable solution to rising energy demand and decarbonisation efforts. Below we examine the drivers behind the decline of nuclear energy and the catalysts behind its resurgence. We also discuss how the 4D investment strategy captures exposure to this evolving theme. 1.
Trump’s tariff policies, the impact on the economy and global listed infrastructure.
In a follow up to our November 2024 News &Views “Tariffs: The impact on Infrastructure”, we look at the ongoing tariff developments, the potential fallout on the US and global economies, and consider the impact on global listed infrastructure sectors and stocks. Trump’s first two months in the White House Tariffs and immigration were two cornerstone policies of Trump’s 2024 election campaign.
How to invest for consistent income in Trump 2.0
After a year of US economic supremacy, dozens of national elections and new records set in major equity markets, Tim Snelgrove (Investment Director) and I consider what the year ahead could bring. We predict 2025 will be a year of moderating growth, inflation and rates. We move from a year of elections to a year of policy implementation, and there is no incoming government more consequential than Trump 2.0 - particularly in its impact on the domestic economy, key trading partners and geopolitics.
Key themes for 2025 and what they mean for infrastructure assets
After a year of US economic supremacy, dozens of national elections and new records set in major equity markets, Tim Snelgrove (Investment Director) and I consider what the year ahead could bring. We predict 2025 will be a year of moderating growth, inflation and rates. We move from a year of elections to a year of policy implementation, and there is no incoming government more consequential than Trump 2.0 - particularly in its impact on the domestic economy, key trading partners and geopolitics.
The data centre opportunity for infrastructure investors
Increasing data demand driven by the rollout of AI has necessitated the rapid development of data centre processing and storage capacity globally. This rapid growth in data centre development has caused a step change in power load demand, creating some challenges for electric network operators.
4 sectors (and 9 stocks) to take advantage of the booming opportunity in this asset class
Write a Wire Write a wire My profile My follows My wires My drafts Analytics Email preferences About Livewire Advertising Contact us Share a direct link to this wire: or embed it in your site: As we wind up our trip across Latin America, we take a look at the opportunities in a key part of our universe - transportation stocks.
3 airport stocks ready for take-off
Livewire gives readers access to information and educational content provided by financial services professionals and companies (“Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs.
Interest rate hikes are generally bad news - except in this region
Livewire gives readers access to information and educational content provided by financial services professionals and companies (“Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs.
The country which is "uninvestable" right now - no, it's not China
In our last wire, we discussed the impact of the changing Mexican political environment on our infrastructure investments. This time, we're going to broaden the conversation further by including Brazil and Argentina. We will also discuss the varied impacts of the US election on Latin America. Brazil After Mexico, the political situation in Brazil looked remarkably calm and stable.
How Mexico's new President could make investing in this asset class more attractive
This is the 17th in our series of Trip Insights, where we share our travel experiences. I visited sites across a number of airports and infrastructure assets, meeting with management teams from regulated utilities and transport companies, as well as getting insights from political and economic experts. Company management meetings and site visits are integral to our investment process, and where possible, we look to visit core regions at least annually.
What we learned from our recent trip to America (Part 2)
Despite the macro and geopolitical uncertainty, as well as certain company-specific risks, we believe there are still some very attractive investment opportunities in the US infrastructure market, and the recent trip reinforced this view. While investment prospects for specific sectors vary, with different dynamics influencing earnings potential, we remain focused on companies that offer attractive valuations, exhibit stable earnings, predictable cash flows and have quality management teams.
What we learned from our recent trip to America (Part 1)
With ongoing political and macroeconomic uncertainty in the US, exacerbated by the federal election being held later in November, 4D visited the US to understand what fundamental impact these had on infrastructure earnings and how management teams were navigating the uncertain waters. Despite some challenges, infrastructure investment is needed across the US. This investment should support consistent, predictable earnings growth for investors over the long term.
Asian infrastructure - Trip insights with 4D Infrastructure (part 3)
This is part three in a four-part series from our recent trip through Asia. Parts one and two are available below: Funds Asian infrastructure - Trip insights with 4D Infrastructure (part 1) Funds Asian infrastructure - Trip insights with 4D Infrastructure (part 2) Chinese gas utilities The market has always been focused on the sector tripod, being; (i) gas sales volumes growth, (ii) dollar margin, and (iii) new connections. 1.
Asian infrastructure - Trip insights with 4D Infrastructure (part 2)
This is part two in a four-part series from our recent trip through Asia. Part one is available below: Funds Asian infrastructure - Trip insights with 4D Infrastructure (part 1) While much is happening across the Asian infrastructure landscape, this trip really highlighted and reinforced some strong thematic, including: Passenger travel: Despite global affordability issues, travel momentum remains strong, even with a slower Chinese recovery.
Asian infrastructure - Trip insights with 4D Infrastructure (part 1)
The team at 4D Infrastructure recently conducted the 15th in our series of Trip Insights, where myself, and Chris James, Senior Investment Analyst, travelled through Indonesia, Malaysia, Thailand and Hong Kong/China, meeting with management teams from regulated utilities, communications and transport companies. Company management meetings and site visits are integral to our investment process, and where possible, we look to visit core regions at least annually.
The US$600 billion energy security opportunity (and 4 stocks at the forefront)
This article discusses supporting a much-needed boost to network investment to the benefit of the whole sector. When talking about the energy transition, naturally, the focus has been on renewable energy. Many an article has been written on the exponential growth in wind, solar and batteries driven by increasing power demand, fossil fuel replacement, and societal concerns driving government and corporate targets towards net zero.
The $30 billion investment opportunity in Australia’s power grid
Livewire gives readers access to information and educational content provided by financial services professionals and companies ("Livewire Contributors"). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs.
Elections and other geopolitical risks also hold opportunity for this global asset class
Livewire gives readers access to information and educational content provided by financial services professionals and companies ("Livewire Contributors"). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs.
4D Infrastructure on the road: Key insights from our latest research trip
The share price performance of all US infrastructure sub-sectors, excluding midstream oil/gas, was disappointing over the course of 2023. This was possibly spurred by weaker earnings expectations through the year for some companies. But for many names, the negative share price reaction was despite the underlying companies delivering consistent earnings growth. No doubt increasing US treasury bond yields increased the valuation discount rate expectations through the course of the year.
Extreme weather risks and their impact on investors
Climate risk is real. The increasing incidence of weather events such as storms, floods, drought and wildfires have significant political, economic and social consequences. 4D Infrastructure believes the threats are real, can no longer be ignored, and should be incorporated into the assessment of the risks and opportunities offered by the infrastructure asset class.
The growth thematics immune to economic volatility
The growth opportunity in infrastructure is still largely underappreciated. We see five key growth dynamics within the infrastructure space that are completely immune to the short-term economic events. So while we do have a great deal of volatility in the market at the moment, and a great deal of geopolitical and economic uncertainty, these growth thematics underpin the infrastructure investment case and are going nowhere, regardless of what happens in the short term.
China: the re-opening trade that never quite was
In this earlier article, we shared our view that China's abrupt but positive re-opening would stimulate pent-up demand, supported by consumer spending and policies aimed at reducing supply bottlenecks. At the time, this re-opening was also seen as a positive for global growth, where the growth outlooks for developed markets (US and Europe) had started to deteriorate.
Why Europe offers an attractive mix of quality and value
Company management meetings and site visits are integral to our investment process, and where possible, we look to visit core regions at least annually. 2022 was our first trip post COVID, and was a particularly unique trip given the breadth of headline issues facing both Europe and the UK – including the Russia-Ukraine war, lingering COVID overhangs, the ongoing energy crisis, rampant inflation, travel chaos and a worsening economic environment.
Political lobbying risks in the US
In recent years, political controversies involving US utility companies have caused significant concern for investors. There have been instances where lobbying activities have contravened the law and resulted in companies and individuals being criminally investigated and punished. Other instances, though not necessarily criminal, have also resulted in negative market reactions.
"Too important to ignore." The overlooked investments you should have on your radar
Global investors often exclude emerging markets (EMs) from their investment universe due to perceived unacceptable risk. This article explores why 4D believes EMs are too important to continue to ignore in a global asset allocation, and why listed infrastructure is the perfect way to gain exposure to the long-term EM growth thematic.
This asset class is surrounded by moats, and it's going for cheap
I've recently sat down with Bennelong Account Director, Jodie Saw to talk about how infrastructure has been performing, 4D’s portfolio, and the opportunities for infrastructure growth despite a tumultuous few years.
Investment themes and opportunities for the Americas
Company management meetings and site visits are integral to our investment process, and after 2 years attending online it was fantastic to be back in Cancun at Santander’s flagship Latin American conference. I experienced firsthand the passenger recovery at the Mexican airports and growth in the region. In the second leg of the trip, North America was the focus, and I explored divergent views on where we are in the economic cycle and what the outlook is for 2023.
China's re-opening: a macroeconomic perspective
After three years of lockdowns, China has officially signaled its intention to join the rest of the world in living with COVID. While it was always a matter of when (not if) China would reopen, the abrupt change in stance has reaffirmed and brought forward multiple domestic and global investment opportunities, and could also support a global economy that was rapidly weakening.
A 2023 macroeconomic outlook
At 4D, we remain optimistic for infrastructure fundamentals in 2023 and beyond. In this article, we visit the key economic factors currently in play, consider other recent developments that could impact the global economy over the medium to long term, and discuss what this means for the investors in the global infrastructure sector.
The demand for green hydrogen
[1] IEA [2] Aurora Energy Research [3] Aurora Energy Research [4] Aurora Energy Research [5] IEA [6] IEA [7] Grey hydrogen is currently the most used form of hydrogen. It is produced using fossil fuels (mainly methane) and the process to convert it to a useable form has significant CO2 emissions. Blue hydrogen is produced in the same way as grey, but the process employs carbon capture and storage, which significantly reduces the CO2 emissions relative to grey %.
Feeling Sluggish? Vitamin B12 Injections Can Help
By Sarah Shaw, DNP, APRN, FNP-BC Feeling Sluggish? Vitamin B12 Injections Can Help. What is Vitamin B12? Vitamin B12 is a water-soluble vitamin necessary for healthy red blood cell production, nerve function, and DNA replication. It is commonly found in animal products such as fish, shellfish, meat, eggs, and dairy. Vitamin B12 can also be found in supplement form.
Why infrastructure is made for a world of low growth and rising costs
The ongoing inflation threat, and the risk that central banks overreact in their monetary tightening, continues to be the key concern in the 2023 outlook for equity markets – although some green shoots may be emerging. US inflation metrics look to have improved slightly in November while Federal Reserve Chair, Jerome Powell, has signalled that the Fed will slow the pace of interest rate increases.
US infrastructure: investment risks and opportunities
In November, Head of ESG and Senior Investment Analyst, Peter Aquilina, travelled through the US to meet with management teams of oil and gas pipeline, regulated utilities and renewables companies. A cornerstone of our investment process is company management meetings and site visits. This helps us to better gauge managements’ strategic thinking, operational capability and financial expertise. It also help us gauge feelings towards the local infrastructure sub-sectors, politics and economy.
The energy development opportunity for European offshore wind
Latest Rules of Investing Buy Hold Sell Find funds Europe has long been the leader in the global energy transition. In this piece, we look at how renewable policy development is accelerating in Europe, focusing specifically on offshore wind – one of the fastest growing renewable technologies. We also consider how the sector outlook is both evolving and exciting.
Inflation podcast (part 2): The US Inflation Reduction Act
With inflation still the word on everyone’s lips, our podcast is published in two parts. Part 1 dealt with the impact of inflation on the current macro environment. In part 2, Peter Aquilina, 4D’s Head of ESG and Senior Investment Analyst, speaks with Dave Whitby, Bennelong Funds Management's Account Director, about how the US’ new Inflation Reduction Act is really about transitioning the US to a decarbonised, clean/renewable energy economy. Listen to part 2 of the podcast here.
Inflation podcast (part 1): Paul Volcker, central banks, and the UK
With inflation still the word on everyone’s lips, our latest podcast has been published in two parts. In part 1, Greg Goodsell, 4D's Global Equity Strategist, speaks with Dave Whitby, Bennelong Funds Management's Account Director, about how most developed economies are dealing with inflation - and how the UK differs. Listen to the podcast here.
China's 20th National Congress
The content contained in this wire represents the opinions of the authors. The authors may hold either long or short positions in securities of various companies discussed in the article. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely as an avenue for the authors to express their personal views on investing and for the entertainment of the reader.
The Inflation Reduction Act will drive the United States' efforts towards net-zero
What is the Inflation Reduction Act? On 16 August 2022, President Biden signed the Inflation Reduction Act (IRA) into law having passed through Congress based on the Democrats holding a majority in both houses. The IRA includes US$369 billion in climate and energy spending, the largest energy transition-focused spending package ever in the US.
The Inflation Reduction Act will drive the US’ efforts towards net-zero
What is the Inflation Reduction Act? On 16 August 2022, President Biden signed the Inflation Reduction Act (IRA) into law having passed through Congress based on the Democrats holding a majority in both houses. The IRA includes US$369 billion in climate and energy spending, the largest energy transition focused spending package ever in the US.
Trip Insights: Europe
In June, I went on a trip to Europe with Tasneef Rahman, Senior Investment Analyst at 4D, to meet with management teams from regulated utilities, renewables, communications and transport. Company management meetings and site visits are integral to our investment process. After two long years of COVID restrictions, endless Zoom calls and minimal face-to-face interaction, it was great to travel across Europe and meet infrastructure companies, regulators, brokers and peers.
The cost of war
[1] The US lost over 58,000 military personnel, and Australia over 500, during their involvement in the Vietnam War between 1964 and 1973. It was a very costly war, and one that was ultimately lost. The content contained in this wire represents the opinions of the authors. The authors may hold either long or short positions in securities of various companies discussed in the article. This commentary in no way constitutes a solicitation of business or investment advice.
Podcast: interest rates, inflation and infrastructure
The content contained in this wire represents the opinions of the authors. The authors may hold either long or short positions in securities of various companies discussed in the article. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely as an avenue for the authors to express their personal views on investing and for the entertainment of the reader.
Could the US Supreme Court's decision against the EPA derail decarbonisation efforts?
On 30 June 2022, the Supreme Court of the United States (SCOTUS) ruled in favour of West Virginia and a group of other states in their lawsuit against the Environmental Protection Agency (EPA), potentially limiting the agency’s ability to enforce actions to limit greenhouse gas (GHG) emissions.
The looming French presidential election & what it means for global infrastructure
Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs.
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