TheGentleTraveler

My working thesis is that the market, particularly across AI and data center infrastructure, is increasingly pricing in the probability of a Democratic sweep in November. If this plays out I suspect much of the political and regulatory uncertainty will have already been discounted by the time we get to the midterms. My base case is that we establish a bottom ahead of the election, see some consolidation as the results and policy implications are digested, and then enter a much more constructive environment heading into 2027. The underlying demand for compute and power infrastructure isn't going away, irrespective of who controls Congress. I think the market is conflating near-term political uncertainty with a structural impairment to the LT investment thesis. Once that uncertainty begins to clear, attention should shift back toward fundamentals, execution, and capital deployment. Assuming liquidity conditions are supportive, I think smaller-cap infrastructure names could be among the biggest beneficiaries of that rotation. In other words, I suspect the political cycle is influencing the timing of the opportunity far more than its underlying economics. Yes I know yields are higher too...but guess what? Get used to it that's the environment we're in and until economic productivity deteriorates it won't really affect the market as bad as you think (otherwise indexes wouldn't be at ATHs)