Daily Earnings: Physical bottlenecks and legacy buyouts (BAM, ENB) | May 8

Massive bureaucratic friction and halted construction have made it practically impossible to build new physical infrastructure in North America, forcing major companies to pay extreme premiums for legacy assets or deploy analog workarounds.- Enbridge (ENB) spent $300 million and six years strictly on permitting a 41-mile pipeline.- Brookfield (BAM) is rushing a $20 billion spree to hoard existing commercial real estate.- Wendy's (WEN) defended domestic margins against severe beef inflation by installing basic drive-thru sticker printers.Navigating the physical world has become the heaviest systemic drag on corporate cash flows and growth.