Pathways

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 wh...

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,...

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...

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 investo...

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 linge...

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 prioriti...

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 cont...

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...

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...

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...

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] Send our podca...

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...

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 c...

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 a...

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...

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 M...

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 an...

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. © 2025 Macquarie Group Limite...

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...

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, MAM research has derived a time series of private infrastructure valuations to gain insights . Global infrastructure strategist, Aizhan Meldebek, summarizes the work including a finding that infrastructure valuation m...

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 for the expected environment ahead and also structural challenges facing global property markets and agriculture, where compelli...

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. © 2025 Macquarie Group Limited [4345708] Send our podcast team feedback Relevant disclaimers and other information can be found here .

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. © 2025 Macquarie Group Limited [4345812] Send our podcast team feedback Relev...