Pathways: Recent Episodes
Macquarie Asset Management
Conversations about real assets, private markets and macroeconomics, geared to the global institutional investor.
AI dominates every conversation with infrastructure investors right now, but most of the commentary is either too breathless or too dismissive. In this episode of Pathways, Daniel McCormack, Head of Research at Macquarie Asset Management, is joined by Aizhan Meldebek, Global Infrastructure Strategist, and Anton Moldan, Head of US Digital Infrastructure at Macquarie Asset Management, to dig into where AI is actually creating value for infrastructure — and where the hype has run ahead of reality.
Aizhan starts with the jobs debate before walking through her sector-by-sector "heatmap" of AI's impact across the infrastructure universe, from clear beneficiaries to more nuanced calls — and what it would mean for the asset class if the AI investment cycle disappointed.
Anton then brings an on-the-ground view from data centre development, covering pre-lease capital risk, power availability, the training-versus-inference debate, and where enterprise AI adoption really stands today.
Related content: What AI can't build: The enduring role of infrastructure in a disrupted world.
https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights/pathways/what-ai-cant-build.html
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Everyone talks about infrastructure as the assets you can see—grids, renewables, transport and digital. But there’s a second layer many investors overlook: the specialist service companies that build, maintain, test, secure, and modernise those assets.
In this episode of Pathways, Daniel McCormack is joined by Andrew Olinick, Head of Private Equity & Adjacencies at Macquarie Asset Management, to explore the fast-growing universe of ‘infrastructure adjacencies’. They discuss why these services are becoming essential as infrastructure ages, regulation tightens, and operational complexity rises. The conversation covers grid resilience and outage risk, vegetation management as a mission-critical utility spend, life extension and repowering in wind, and how drones, sensors, and AI are reshaping inspection and predictive maintenance. The episode also examines why data centre complexity and the cost of failure are driving demand for specialised engineering, cooling, certification, and physical security — and why this category can offer ‘defensive growth’ at the intersection of infrastructure and private equity.
For more information about episodes, including transcripts, and to explore Macquarie's multi-asset capabilities:
https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights.html#podcasts
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In this episode of Pathways, Daniel McCormack is joined by Harlan Cherniak, Head of Infrastructure Debt and Co‑Head of Private Credit in the Americas at Macquarie Asset Management, to explore what’s really happening in private credit markets. They discuss emerging stress in certain sectors — particularly software — alongside more resilient opportunities in real assets and infrastructure debt. The conversation covers AI-driven disruption, structural discipline in credit underwriting, defaults, BDC redemptions, and whether current market volatility points to systemic risk or a more orderly adjustment. The episode also examines why infrastructure credit may offer durability, defensiveness, and attractive risk‑adjusted returns in an increasingly uncertain macro environment.
For more information about episodes, including transcripts, and to explore Macquarie's multi-asset capabilities:
https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights.html#podcasts
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In this episode of Pathways, Daniel McCormack, Head of Research at Macquarie Asset Management, is joined by Liam Auer from the utilities investment team to discuss the investment implications of the current conflict in the Middle East. They explore how energy markets are responding, the outlook for inflation and growth, and what the shifting geopolitical landscape means for infrastructure investors — from renewables and networks to flexibility, resilience and security of supply.
Explore Macquarie's multi-asset capabilities: https://www.macquarie.com/au/en/about/company/macquarie-asset-management/insights.html
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This episode of the Pathways Podcast delves into the complexities of the current macroeconomic environment and its profound impact on asset classes. Daniel McCormack, Head of Research, hosts a discussion with Jüergen Wurzer, Deputy Head of the Global Multi-Asset Team, on navigating today’s volatile investment landscape. They discuss persistent geopolitical tensions, rising protectionism, and lingering inflation concerns that are shaping market dynamics.
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There is a clear shift in global priorities, moving from globalisation to more national interests. This is synonymous with a meaningful shift toward a prolonged fiscal-led era. However, many major economies are starting from a challenging fiscal position, raising concerns about debt sustainability, exacerbated by a high cost of capital and lingering inflation fears.
If this major shift in priorities were not enough for markets to grapple with, the hasty and abrasive execution of these fiscal initiatives by the US has also roused an erosion of trust. This raises questions about the continuation of US exceptionalism, as well as the risk of a potential reevaluation of overweight positions to US assets.
Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 01 of our Fixed Income Strategic Forum 2025, with Macquarie Asset Management’s Head of Research Daniel McCormack.
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Direct lending can provide several potential benefits to borrowers, including greater deal certainty, faster speed of execution, direct relationships with lenders, and more tailored solutions. In this episode, the panelists explore the evolution of the strategy, its role in a diversified portfolio and key decisions investors should consider when integrating it into their investments.
Related content: Direct lending: Uncovering the strategic edge
©2025 Macquarie Group Limited
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In today's episode, we're tackling a topic that has been at the forefront of global economic discussions: the Trump tariffs and potential fallout. Tune in to a conversation with Macquarie Asset Management’s Head of Research Daniel McCormack and Derek Hamilton, Economist at Macquarie Asset Management. They'll explore the origins of these tariffs, their intended goals, and the ripple effects they've had on both the U.S. and global economies.
Related content: The human edge: Finding opportunities in 2025
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What emerging trends and innovations should investors look for in the real estate and infrastructure sectors in 2025? Tune in for a conversation with Macquarie Asset Management’s Head of Research Daniel McCormack, Head of Real Estate Strategy David Roberts, and Global Infrastructure Strategist Aizhan Meldebek. They discuss the main drivers of growth next year, namely healthy GDP growth and falling interest rates, and where they see potential opportunities and risks.
Explore Outlook 2025 and our views on the year ahead.
©2024 Macquarie Group Limited
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The second episode of our Outlook 2025 podcast series features an insightful discussion on where inflation and interest rates are headed in 2025 and the investment implications of President-elect Trump's policy agenda. Host Daniel McCormack, Head of Research, is joined by John Horner, Global Strategist for Global Fixed Income Markets, and Stefan Löwenthal, Head of Global Multi-Asset.
Explore Outlook 2025 and our views on the year ahead.
©2024 Macquarie Group Limited
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As we anticipate ongoing volatility, strong growth is still expected in the year ahead. Listen as Daniel McCormack, Head of Research, and Derek Hamilton, Economist at Macquarie Asset Management discuss growth drivers, concerns about inflation, and potential investment opportunities in 2025.
Explore Outlook 2025 and our views on the year ahead.
©2024 Macquarie Group Limited [4067597]
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Tune in to a fascinating discussion with Macquarie Asset Management’s Head of Research Daniel McCormack, and Kate Vidgen, Head of Industrial Transition and Clean Fuels in MAM Green Investments about global energy transition and the impacts that new technologies are having on the space. This conversation provides context on what’s driving the growing energy demand, the role of digitalisation and AI, and how Macquarie is finding innovative solutions to meet this demand as investment opportunities grow in this intriguing sector.
© 2025 Macquarie Group Limited
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In the latest episode, we explore the impact of the fourth industrial revolution on the real estate market. Join host Daniel McCormack, Head of Research and James Holliday-Smith and John Lewis from our Global Listed Real Estate team for a conversation about the crucial role of data centres and telecommunication towers in the digital economy. They discuss the growing demand for data infrastructure driven by AI and 5G, how investors can capitalize on these trends, and what the future holds for the digital transformation of real estate.
© 2024 Macquarie Group Limited
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In part 2 of our two-part series on global transport, we turn our focus to the aviation sector, responsible for about 10% of global carbon emissions. Join host Daniel McCormack and speakers Yufei Zhang and Audrey Lee as they explore cutting-edge solutions for aviation decarbonisation. From sustainable aviation fuels to hydrogen jets, and direct carbon removal, hear insights on the strategies and challenges in reducing aviation's carbon footprint.
© 2024 Macquarie Group Limited
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Part 1 of our two-part series on global transport dives into the significant advancements and challenges of decarbonizing road transport and shipping sectors. Join host Daniel McCormack and speakers Yufei Zhang and Audrey Lee as they discuss the current and future state of electric vehicles and the potential of green shipping fuels. They examine the ambitious road to net zero, the role of policy and infrastructure, and what all this may mean for investors.
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Markets are complex systems with many intertwined factors driving outcomes. Many participants and commentators however like to simplify these factors and embrace persuasive narratives to justify all market movements.
As we approach the middle of 2024, there are two narratives we believe to be the most compelling and prevailing:
- The artificial intelligence revolution is here.
- Fiscal policy is back.
Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 02 of our Fixed Income Strategic Forum 2024.
© 2024 Macquarie Group Limited [3631897]
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With inflation and interest rates remaining sticky, and the intersection of infrastructure and private credit greater than ever before, infrastructure debt may be experiencing a revival. Our latest Pathways podcast delves into the transformation of infrastructure debt over the past 15 years, highlighting how it has become a critical component of private credit portfolios.
Join speakers Daniel McCormack, Harlan Cherniak, and Gurjit Orjela for an insightful discussion on the current state and outlook of infrastructure debt. Their conversation sheds light on the evolution of infrastructure debt, from traditional sectors like bridges and utilities to newer areas such as digital infrastructure, decarbonisation, and emerging technologies. The strategy’s potential for attractive risk-adjusted returns and diversification benefits may also make infrastructure debt a valuable addition to a diversified portfolio in today's high-rate environment.
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A discussion between Daniel McCormack, Head of Research at MAM, and Larry Hu, Head of China Economics at Macquarie’s Commodities and Global Markets division highlights key themes and takeaways from the National People’s Congress that took place in March – an important political gathering in China where Premier Li Qiang addressed a wide range of issues including economic policies, social reforms and international relations.
© 2024 Macquarie Group Limited [3543598]
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When we met for the first Strategic Forum of 2024, the focus was on the notion of whether "To hold or to fold?" on to our economic outlook views. Issue 01 explores the potential scenarios facing fixed income investors at the start of another year.
Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 01.
© 2024 Macquarie Group Limited [3377351]
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As we gathered for Issue 03 of the Fixed Income Strategic Forum, the backdrop was one in which investors appeared to have increasingly embraced the possibility of a soft landing or no landing for the US and the global economy. Meanwhile, the evidence supporting the likelihood of a recession – higher rates, tighter credit, less liquidity – has continued to build and we remain of the view that the question is not if but rather when a recession will occur and how hard it will be.
Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 03.
© 2023 Macquarie Group Limited [3155351]
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Is de-globalization the right term for what is occurring in the world today?
How should global investors define "globalization" and view the current dynamics and trends being seen in global trade?
Join us for a group discussion that unpacks the data, offering historical context on trade patterns and international perspectives on trends like US "re-shoring" and "near-shoring."
Questions or comments about the show? MAMpodcasts@Macquarie.com
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Valuations for private infrastructure investment have long been murky and at times challenging to compare to other asset types.
Using a large dataset of more than 1,000 transactions, Macquarie research has derived a time series of private infrastructure valuations to gain new insights, detailed in its most-recent Pathways paper, now available for download by professional investors: https://www.mirafunds.com/us/en/our-insights/pathways.html
Global infrastructure strategist, Aizhan Meldebek, summarizes the work including a finding that infrastructure valuation multiples have a negative relationship with interest rates and a positive relationship with inflation.
"We have created an infrastructure 'cap rate' that enables investors to directly compare infrastructure valuations with those of real estate," says Meldebek.
Questions or comments about the show? MAMpodcasts@Macquarie.com
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© 2023 Macquarie Group Limited
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One of the challenges with investment management is balancing the short-term noise of financial markets with a longer term assessment of the investment and economic landscape. The Macquarie Fixed Income Strategic Forum is held three times a year, comprising more than 130 investment professionals, and operates to establish our medium-term views and strategic portfolio positions. Listen as Brett Lewthwaite, CIO and Global Head of Fixed Income, recaps the latest edition of the Macquarie Fixed Income Strategic Forum.
Related content: Recession: Everything and all at once? - Investment summary
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Interest in infrastructure investment via the secondaries market has grown in recent years.
Secondaries offer private-market investors a potential entry point to the asset class, with the ability build an asset allocation in the space more quickly than through direct investment.
Wandy Hoh, Head of the Infrastructure Secondaries business at Macquarie joins the show to discuss the evolution of the space.
Questions or comments about the show? MAMpodcasts@Macquarie.com
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Questions abound when it comes to energy transition and clean tech.
What role will renewables play, given US tax incentives for technologies like hydrogen and carbon capture? How can investors make heads or tails of the constantly evolving future landscape?
Macquarie Asset Management Head of Technology and Innovation, Peter Durante, joins Pathways for a global roundup of the latest in energy innovation.
Discussion ranges from wind and solar to hydrogen, to misconceptions around the global push for critical minerals like cobalt, lithium, manganese, and nickel.
Questions or comments about the show? MAMpodcasts@Macquarie.com
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Daniel McCormack chats with Macquarie Head of Economics, David Doyle, about the headlines on US debt ceiling negotiations, and potential implications for US government debt obligations. What are are the various possibilities for future default or "prioritization" of US debt payments? What does the US Constitution say about this uncharted territory?
Questions or comments about the show? MAMpodcasts@Macquarie.com
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British politician John Major’s 1989 comment on inflation control, “If the policy isn’t hurting, it isn’t working,” could not be more relevant today.
Hiking interest rates until something breaks still seems to be the mantra of global central banks. Jürgen Wurzer and Ross Smith of the Macquarie Global Multi-Asset Team based in Vienna join the show for discussion of monetary conditions and their impacts on current markets heading into the second quarter of 2023.
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Verena Lim, Macquarie Asia CEO and Head of Asia infrastructure joins Daniel McCormack to review the growth of infrastructure investment across Asia.
Discussion touches on common institutional investor questions and lessons learned by large infrastructure investors in Asia through recent decades, including in China and Korea. A view into country-specific risks includes discussion of governance issues by market and the need for local experience and language expertise on the ground. Also a look at demand within high-potential infrastructure markets like Indonesia, India, and the Philippines.
Explore Macquarie Asset Management infrastructure capabilities.
The Macquarie Fixed Income Strategic Forum is held three times a year, comprising more than 130 investment professionals, and operates to establish our medium-term views and strategic portfolio positions. One of the challenges with investment management is balancing the short-term noise of financial markets with a longer term assessment of the investment and economic landscape. Listen as Brett Lewthwaite, Global Head of Fixed Income, CIO, recaps the latest edition of the Macquarie Fixed Income Strategic Forum.
Related content: Delayed reaction, liquidity contraction - Investment summary
© 2023 Macquarie Group Limited
Macquarie Head of China Economics Larry Hu joins the show for a discussion about China's trajectory since the end of Zero Covid policy, as well the China People's Congress and state of real estate markets
Daniel McCormack and Chief Economist David Doyle discuss the Jan 31 - Feb 1 meeting of the Fed's Open Market Committee and its likely path on interest rates in future months, in light of inflation and the outlook for growth. What level of rates represents "neutral" for the Fed? Is there a structural deflation issue at hand? What is the outlook for capital expenditures? And will US consumers, which have shown ongoing resilience of late, crack at some point?
Macquarie Head of Research Daniel McCormack details the landscape for real assets in 2023, amid inflation and headwinds to growth prospects across developed economies. Discussion covers the characteristics of infrastructure investments that may help position these assets well for the expected environment ahead and also structural challenges facing global property markets and agriculture, where compelling opportunities clearly exist amid a volatile landscape.
Rising interest rate, high construction costs, and hybrid working are creating dislocations in commercial real estate markets. Macquarie analyst David Roberts lays out challenges and opportunities ahead in global real estate.
Electricity consumption is growing worldwide, making decarbonisation in the sector both a challenge and an imperative. Researchers Aizhan Meldebek and Thomas Studer examine net zero goals related to electricity and take a deep dive on key technologies, as well as the economics behind renewables, green hydrogen, and more.
Original post date: August 4, 2022
Digital infrastructure is a growing sector that has helped transform nearly every other part of the economy in recent years. Macquarie Digital Infrastructure investor Lincoln Heilner and research analyst Aizhan Meldebek discuss key drivers of data growth, the nature of digital infrastructure assets, and opportunities in the sector to reduce carbon emissions. Daniel McCormack moderates.
Original post date: May 31, 2022
Macquarie global economist Hayden Skilling joins the show to analyze the year ahead in the global economy and markets. Daniel McCormack moderates.
Original post date: February 17, 2022
Macquarie Head of China Economics Larry Hu revisits the show to discuss the current monetary easing cycle in relation to China's management of its ongoing property crisis and zero-Covid policy. Daniel McCormack moderates.
Original post date: January 31, 2022
Macquarie Head of China Economics Larry Hu joins Macquarie Asset Management's Dan McCormack to discuss Evergrande’s debt issues, their potential effects, and whether the crisis is manageable by the Chinese state.
Original post date: October 6, 2021
Have a question for show participants? Contact MAMPodcasts@macquarie.com
In the second in a series of discussions on climate change and energy innovation, Peter Durante, Head of Technology and Innovation at Macquarie Asset Management, talks sustainable aviation with UK-based pilot and aviation consultant, Toby McCann.
Original post date: September 30, 2021
The first in a series of discussions with Peter Durante, Head of Technology and Innovation at Macquarie Asset Management, on climate change and energy innovation, leading to the 26th UN Climate Change Conference of the Parties (COP26) which begins October 31 in Glasgow, Scotland.
Original post date: September 6, 2021
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Rod Cornish of Macquarie’s global real estate team joins Daniel McCormack, Economist, Macquarie Infrastructure and Real Assets, to discuss the logistics sector in commercial real estate. What’s been driving demand for this growing sector? How has e-commerce and other dynamics in the sector changed due to Covid-19? Are prices for logistics facilities justified?