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At a high level, infrastructure investing has always been based on the belief that hard assets providing essential services can generate stable, long-term cash flows. However, after several months of COVID-19 related lockdowns around the world, what is essential is changing in people's minds. It may be foolish for us to try to imagine what the long-term future would look like, when there is still so much uncertainty in the present. If working from home, social distancing and de-globalization become the new norm, the very definition of infrastructure investing could change.

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