By Chip Hanlon

So what's an investor to do in a tough market like this? For one thing, when the market is complicated, stick to simplicity. Look for simple, solid themes--like global infrastructure--and buy the best in the sector with an eye to the long haul.

When you think of global infrastructure growth, you can't help but think of Asia. For a core infrastructure play on Chinese/Asian growth, Cheung Kong Infrastructure (1038 HK) is worth more than a casual glance. The company has 38.5% ownership in Hong Kong Electric (6 HK), a solid presence in China through toll roads, bridges and the new Zhuhai power plant and energy and water assets in Australia. As a truly global player, Cheung Kong Infrastructure (CKI) also has a growing UK presence and this past January, made its first entry into North America by closing on Canada's TransAlta Power.

We expect solid growth for this company in the next decade. In fact, it's already started. Chinese operations showed a 24% increase in profits last year, while Australian profits grew 144%. Southern Water (UK) has cash yields in double digits and the new acquisition, TransAlta, is expected to show equity IRR of double digits, music to any investor's ears. In fact, the company's overall profit growth is 27% year-over-year and they've shown an 8% increase in interim dividends, not including their year-end dividend.

But why are we so convinced this trend will continue? Remember my admonition to stick to simplicity? I have both talked and written about the global infrastructure story in the past, so I won't delve back into that stunning long-term story, particularly in Asia.  Today I'm just reminding investors: in a difficult market in which everyone is trying to guess what is going to happen day-to-day, it is a sound idea to take a step back and focus on investing in a simple, powerful story for tomorrow and beyond.

In CKI's case, the simplicity lies in a very strong balance sheet will give them superior access to financing in a tightening credit environment. Their current net debt to equity ratio is .2%, leaving room to spare under their cap limit of just .33%. Their interest coverage is 8.3, hardly daredevil territory. Meanwhile, CKI carries an S&P rating of A-/Stable due to a healthy balance sheet. In fact, some analysts have accused them of being under-geared and under-aggressive, a position that sets them up very well in this clenched lending climate. Let's face it, when acquisitions come available, companies that can get credit today are going to be able to score big.

Finally, CKI's relative strength has been impressive; over the last six months, the stock has risen by 6.5%.  That may not sound exciting, but performance like that is a major tell vs. a Hong Kong market which has fallen by 25% over that same time.  Global infrastructure is a powerful theme, and Cheung Kong Infrastructure is a very interesting name in this space.