Is North Dakota still open for business? That's a question we asked during an interview with Brooks Burgum, co-founder and CEO of Longwater, a private equity and alternative asset management firm.

What prompts that question is what seems to be a growing, anti-development attitude among some political factionsin North Dakota. The state once marketed itself as an easy place to do business, but increasingly building things like transmission lines, pipelines, and data centers has become a fraught business.

"Where would we be if no one built a railroad?" Burgum, who is the former governor's cousin, asked us.

"We want to grow this country, we want to grow this state," he continued. "We've got to have pipelines. We've got to have railroads. We've got to have interstate highways. This concept of not on my land, not in my backyard, this NIMBY idea, yeah, it's scary to think about."

But Burgum thinks the backlash against data centers may be less about the centers themselves than the economic and cultural change they represent. "If you think about all the fears we all have around AI, and it can be scary, and it's real, and there's so many things happening, the only physical manifestation of that, that people lash out at, is a physical data center, he said. "Like, 'I'm scared of AI. I don't know what's going to happen to my job, to my life, all sorts of different things.' There's one physical thing that has the shape and form of AI and it's a data center."

Burgum also spoke about North Dakota's efforts to steer public dollars toward in-state investments, arguing for an expansive view of those efforts that includes, not just investing in companies in North Dakota, but creating opportunities for North Dakota-based investment managers.

Also on this episode, me and co-host Chad Oban discuss the need for "proof of life" laws for politicians, the timing of Fargo Mayor Josh Boschee's resignation from the Legislature, and we responded to listener feedback.

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