No. of Recommendations: 0

I hear you. And now that I think about it, there's a lot to like about your point of view on this. The key question is whether an investor thinks that BIP management can continue to do acquisitions that provide a greater return than the dilution that we know is coming. And where those acquisitions are will be dictated by opportunity more than, say, a regional strategy.

On the other hand, once BIP has an established presence in a particular industry and in a particular region, it ought to be much easier to add on more infrastructure, if and when it becomes available at a reasonable price. Both the toll road in Chile and the energy infrastructure in the UK seem could be in this category.

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