When I was a kid, I started a computer games business, and with what amounts to a bunch of runaway children, we had a pretty good go at being some of the pioneers of the Sinclair home computing era.
A business was a marvellous toy and a very severe education. In that very adult world, there were all sorts of financial concepts that a bootstrapping business with zero capital, at the birth of a new industry, with an average employee age just above the minimum school leaving age, had no conception of. One was Return On Capital Employed (ROCE). If you are a private equity firm putting the wealth of the hyper rich to work, this is a key number, because you are looking at the world as an offset proxy of a US treasury bond. If you can find a business that looks like a bond and has a yield interestingly above that of a US treasury bond, then you get very interested. As such, you love infrastructure and businesses that need a lot of capital but don’t need a lot...