Market Watch with Tom Waitt

INFRASTRUCTURE - AN INVESTMENT THEME FOR 2009 AND BEYOND   February_27_2009.mp3 - We believe Infrastructure will be one of the key investment themes in 2009 and beyond for several reasons: (i) Governments in the U.S., Canada and several other countries around the world have announced economic stimulus programs, with infrastructure occupying a central role. In the U.S., the economic stimulus program is worth approximately US$790 billion, (with infrastructure, including energy infrastructure, totaling approximately US$200 billion) and in Canada, it is in excess of $30 billion; (ii) The systematic underspending in infrastructure assets over the last three decades in the U.S. and Canada has resulted in massive "infrastructure deficits" reaching crisis proportions (in the U.S. it is estimated at US$1.6 trillion and in Canada at C$123 billion), making infrastructure spending imperative; (iii) The historically low correlation of infrastructure securities to other asset classes, offers the opportunity for po