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Nicole Junkermann on the Unfashionable Value of Infrastructure

None of it photographs well. Nicole Junkermann on the plumbing beneath the interesting parts, and the ceiling it sets for everything above.

By Nicole Junkermann · Published

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Nicole Junkermann, portrait, infrastructure and long term investing

Infrastructure has a presentation problem. Nothing about it photographs well, almost none of it can be described in a sentence that holds a room, and the better it works the less anyone thinks about it at all. Nicole Junkermann has come to treat that as a feature of the category rather than a failure of its publicists.

The work nobody writes about

Most of what makes a place function is invisible by design. Pipes, cables, track, standards, records that agree with each other, rules that mean the same thing in two different towns, and the unglamorous habit of keeping all of it in repair. None of that is new in any given year. All of it is the reason the new things work when they arrive.

The engineers who do this work are not short of pride in it, but they are usually short of an audience. A repair that prevents a failure leaves no trace, and a standard that quietly stops two systems disagreeing produces no story at all. Nicole Junkermann finds this the most reliable sign that a thing is genuinely useful: when it works, there is nothing to say about it.

Why a year of it looks wasted

From outside, a year spent on foundations looks like a year in which nothing happened. There is no obvious output, no moment anyone can point to, and a great deal of patient argument about details that sound trivial until the day they are not. That appearance is honest, in the sense that nothing visible did happen, and misleading, in the sense that the visible part was never where the value sat.

This is also why such work tends to be deferred. A year of foundations always competes with something that can be finished and shown, and the thing that can be shown usually wins. The cost of that choice arrives late, spread thinly, and is almost never traced back to the year it was made in.

The ceiling it sets

The practical point is simple. Whatever sits on top of a layer can only be as good as that layer allows. Clever work on a weak foundation produces a clever thing that keeps breaking, and no amount of talent further up the stack recovers what was given away underneath. The ceiling is set early, quietly, and by people who were not thanked at the time.

Britain has a long record of this kind of patience, much of it regional and much of it undercounted. Nicole Junkermann wrote about some of it in three quiet strengths of British innovation, and the thread that runs through all three is the same: durable things are built slowly by people who were content to be uninteresting for a while.

Easier to see in autumn

Late October suits this subject. The year has stopped promising and started settling, the weather is doing its annual test of everything that was repaired in summer, and it is a good moment to notice what held. Nicole Junkermann keeps the seasonal version of that observation in the Notebook, where it sits alongside a Reading Room list that has a similar bias towards the slow and the well made.

This article is a personal reflection and general commentary. It is not financial, investment or professional advice.

More from Nicole Junkermann

For more from Nicole Junkermann, read the full profile of Nicole Junkermann, or carry on with skills as the slowest investment and what long horizons actually ask for.

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