In short: Theme proxy (no ETF named this time). The grid build is early: "the growth of electrical infrastructure related stuff… is I think very early days. There's a lot of open field running so to speak on that."
1:24:14— — and growing much faster. — And growing much faster. Exactly. So I think the growth of electrical infrastructure related stuff and which is a major catalyst of which is the AI is I think very early days. There's a lot of open field running so to speak on that.
In short: Named with PAVE as a core buy: "ETFs like the PAVE, GRID — if you look at the companies in those ETFs… I have no financial relationship with either of them. They're just things that we've recommended for clients over the last several years." The grid names are "the people selling picks and shovels to the mining boom that is reshoring the US industrial base."
GRID is the tighter version of the same idea — an ETF concentrated in electrical-grid and power-equipment companies (transformers, switchgear, grid hardware) rather than broad infrastructure. Gromen names it in the same breath as PAVE as one of his core buys today, again as a holdings list to screen rather than a fund recommendation.
The appeal is that these companies sit at the choke point: whatever the US builds next — data centres, factories, a rebuilt defense industrial base — it has to be plugged into a grid that has barely grown in two decades. That's the "developing economic bottleneck" his whole research process is built to find.
48:51And now we're reversing that. And it's AI-related initially, but it's reshoring. If you have factories, you need grid. And so, for me, I think ETFs like the PAVE P A V E, GRID G R I D, if you look at those ETFs, if you look at the companies in those ETFs, and I have no financial relationship with either of them.
In short: Named alongside PAVE as the second component guide to US electrical-infrastructure equities — the grid/power-equipment names benefiting from years of "open field running" order backlogs the public companies won't fully admit to.
GRID is a more focused version of the same idea — an ETF concentrated in electrical-grid and power-equipment companies (transformers, switchgear, grid hardware). Gromen names it next to PAVE as a second "look at the components" guide to the electrical-infrastructure theme: the picks-and-shovels of the power build-out, which are "generation agnostic" — they win whether the new power comes from gas, coal, nuclear or hydro.
35:55So I think electrical infrastructure equities are in a really good place. Things like the PAVE ETF, the GRID ETF. If you look at the components of those things, that'll give you some idea of the types of companies I'm talking about. Look, I think Japanese equities, they've done really well, within that though the industrials haven't done as well as some of the headline stuff around AI.
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