The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 19 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Teskey: Waiting for absolute certainty in deals guarantees zero completed transactions
“There's no absolute certainties in this business. So when something feels 90% right, you do that transaction or you do that deal. And the most important thing is you do 10 of them. And you're going to be right nine times out of 10. And that's really, really go…”
Teskey: Tech giants backing AI infrastructure hold unprecedented historical credit quality
“These are literally the greatest companies in the world, the highest credit quality counterparties in the world, the large tech companies. They're the greatest companies in the world today. They're almost undoubtedly the greatest companies of all time. That is…”
Teskey: The global AI infrastructure market will unequivocally experience an overbuilding cycle
“And we often get the question, will there be overbuilt? Absolutely, unequivocally, yes. There's overbuilt in almost every product, in every asset class, everywhere in the world, in every economic cycle.”
Teskey: Data center investors now fund chips, power, and supply chains
“There's more data centers being built. The data centers that are being built are bigger than the ones that used to get built. And then the third thing is where historically the investor would fund the rack and the shell. Increasingly now that investor is fundi…”
Teskey predicts institutional allocations to alternative assets will double within ten years
“The institutional allocations to alternatives are going to double From where they are today over the next 10 years.”
Teskey: The untapped retail market for alternative assets exceeds institutional sizing
“That market is actually bigger. The individual market is actually bigger than the institutional market today. And it has almost zero penetrations from alternatives.”
Teskey: 70% of Brookfield's current investments did not exist 20 years ago
“We give the example that, you know, probably two-thirds, maybe even 70% of what we invest in today was not an investable asset class 15 or 20 years ago.”
Teskey: Excel models create false precision that cannot replace judgment
“There's almost a false degree of precision in, in today's world of Excel. The reality is so many times you just have to overlay good judgment and you have to recognize there are certain things outside of your control that, You know, your Excel model will seem …”
Teskey: Hard work is perceived more through availability than spreadsheet modeling
“Comment or dynamic that I think is sometimes underappreciated is just being available for other people on the team. And there's always people, both, both junior and senior to you that have questions, want to bounce an idea off you want career advice, deal spec…”
Teskey: Brookfield Underwrote Westinghouse Base Case on Controllable Operating Improvements
“So we focused on the downside. We made sure our downside was protected. Our base case of an attractive return was delivered by things within our control, but there was asymmetric upside if some uncontrollable things that we thought or hoped would happen did, b…”
Teskey: Operators that master health and safety perform best long-term
“People that get health and safety right tend to be the best operators long-term.”
Teskey: Markets consistently undervalue liquidity right when investors need it most
“We are huge believers that you, liquidity is almost consistently undervalued.
liquidity is this funny thing, which is, it's every time it's overvalued when you don't need it, and it's incredibly undervalued when you do need it.”
Teskey: AI data centers and power are Brookfield's fastest-growing investment theme
“And that at a simple level is, is the data centers and the power that supports them. And that is the largest and fastest growing investment theme at Brookfield.”
Teskey: AI robotics adoption will happen slower but impact more than expected
“The role that robotics can play in so many production functions and industrial functions around the world. Now that that robotics can be reinforced by computers that can think and run a million simulations in real time, like everything what's, what's the term?…”
Teskey: Brookfield expanded from four investment products to 60 over 10 years
“I'll give the example that 10 years ago, I think we had four products. Today, we have 60.”
Teskey: Brookfield Only Invests When Four Key Contracts Are Locked
“Whenever we build a new project, we do not like to put capital in the ground unless we lock in our CapEx contract, our off-take contract, our EPC contract, and our financing contract all at once.”
Teskey: Brookfield Builds Data Centers Backed by Hyperscaler or Sovereign Contracts
“We're now doing it in data centers, building gigafactories on the on the back of long-term contracts with hyperscalers or sovereign offtakes.”
Teskey: Brookfield's top deal-breakers are counterparty and construction risk
“Of deals that we choose to pursue, but then, you know, in diligence or in structuring decide to walk away, there's two reasons that Are most common. One, we don't like the revenue construct or the corporate credit counterparty that backstops that revenue const…”