Investing a $120 Billion Balance Sheet with No Outside Investors
Patrick O'ShaughnessyVlad Barbalat
Liberty Mutual’s $120B balance sheet combines roughly $70–75B of reserves with growth credit and equity, while permanent mutual capital avoids shareholder pressure and supports 7–10% portfolio targets.Barbalat now questions whether AI makes future cash flows—and therefore multiples—structurally less visible, with four-year software credit appearing safer than 30-year Salesforce or Oracle debt and potentially steeper credit curves ahead.
The U.S. Can’t Build AI Without These Materials
Erik TorenbergTurner CaldwellErin Price-WrightRyan McEntush
Critical minerals are physical inputs to AI, grids, batteries, data-center infrastructure, vehicles, and defense systems.Turner Caldwell’s mass-flow call is emphatic: “We need a lot of aluminum.We need an insane amount of copper.We need more iron.We need more zinc,” while lithium production capacity must roughly 4× over the next 10 years if…