In this rare interview, Bruce Flatt, CEO of Brookfield Asset Management, pulls back the curtain on how he manages over $1 Trillion in alternative assets. Often compared to Warren Buffett for his long-term, value-driven approach, Bruce reveals the timeless fundamentals of investing that haven't changed—and the macro-environment factors that completely have. Shane and Bruce dive deep into the three massive trends shaping the global economy over the next 20 years: the digitalization of the world (AI and data centers), the global energy transition, and the de-globalization of manufacturing. Plus, Bruce shares Brookfield’s masterclass on downside risk protection, asset-level financing, and building a cutthroat meritocracy that places massive bets on young talent. Whether you're a seasoned investor, a business leader, or just starting out, this episode is a masterclass in long-term thinking, risk management, and value creation. In this episode, we cover: • The true impact of passive/index investing on public markets • Why 50% of what Brookfield invests in today didn't exist 20 years ago • The AI Revolution: Why the biggest winners won't be the LLMs, but the companies that apply them • The Global Energy Transition: Why solar, wind, and natural gas are the future of cost-effective power • Deglobalization: Why manufacturing is returning to the US, and why America holds energy, capital, and tech dominance • Real Estate: Why commodity real estate is dead, but the top 25% of assets are thriving • Brookfield’s risk management secret: Why they only use asset-by-asset (non-recourse) financing • Talent & Culture: Why Brookfield places massive bets on young people • The logic behind Brookfield’s complex corporate structure and their expansion into the insurance market *ABOUT BRUCE FLATT* Bruce Flatt is the CEO of Brookfield Asset Management, a leading global alternative asset manager with over $1 trillion in assets under management across real estate, infrastructure, renewable power, private equity, and credit. Known for his contrarian, value-oriented investment style, Bruce has helped build Brookfield into one of the most successful investment firms in the world. We also had Connor Teskey on: https://youtu.be/xSwHXjH8Og4 *Chapters* *CONNECT WITH THE KNOWLEDGE PROJECT & SHANE PARRISH:* Instagram: https://www.instagram.com/farnamstreet/ X: https://x.com/ShaneParrish LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ Books: https://fs.blog/books/ Website: https://fs.blog/ Newsletter: http://fs.blog/newsletter Thank you to our sponsors for this episode: NordVPN: https://nordvpn.com/KNOWLEDGEPROJECT. Shopify: https://shopify.com/knowledgeproject ShipStation: Get a 60-day free trial at https://www.shipstation.com/knowledgeproject. Interested in sponsoring the show? https://fs.blog/sponsor/ ---- ABOUT THE KNOWLEDGE PROJECT Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel. #Investing #BruceFlatt #Brookfield #RealEstate #ArtificialIntelligence #Finance #TheKnowledgeProject #ShaneParrish #ValueInvesting #Wealth #MacroEconomics