Stuck at LaGuardia, an Infrastructure Bull Doubts No. 1 Bet
- Confidence fading that $1 trillion program will happen in 2017
- Healthcare, taxes, geopolitical threats take precedence
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It was during a flight delay over New York’s LaGuardia Airport that David Richardson affirmed his decision to trim his bold bet on water projects.
Just weeks earlier, in the aftermath of Donald Trump’s election, Richardson had shifted about half of Impax Asset Management’s $6.3 billion to water projects with a focus on the U.S. He figured that the new administration would finally be able to address America’s aging infrastructure, and he wanted Impax to be part of the action.