The lesson is those things have to be negotiated in private, but once you finish those negotiations, all those things have to be public, and that wasn't done in Toronto.

Before anyone else, Macquarie saw the potential of the U.S. market. They have the most robust model of highways as a new utility that can be an investor-owned utility like gas and electric utilities.

It's important for people to understand it's not a total departure of the government. The government is still a player in protecting the public's interest.

It's a virtual organization. Most of our employees work out of their home offices. That's our way of dealing with traffic in Los Angeles.

This is where people really have to think through what it means. Point me to a U.S. company that runs toll roads. There is no such animal.

They all mesh and run to similar high standards.

Is that type of sentiment out there? Sure. Is it big enough to make the issues list for our companies? No.

There's actually now a well-established procedure for every project.

Every conference I went to in 2005, this was the topic.

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