Anyone have any thinking on BAM, saw some seekingalpha article arguing it was undervalued since it had a bunch of low interest loans. Not sure how much that matters, certainly better than having higher interest loans, but beyond that hard to say.
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I generally mention that I’ve owned Brookfield stuff since it was Brascan, it has been a while. My view, and I get more convinced over time, is that Bruce is primarily focused on growing (very-very rapidly) the asset manager business. Of course that’s BAM and to some degree BN’s business. The second thing I’ll mention is that I strongly sense that many of the more recent investments for Bruce and Co are not very successful. I can name a bunch of them but I’ll just state that management isn’t going to mention them. In any event we will see how “trophy” the assets are as time passes. I’m always a tad entertained and surprised at how delighted people are with Brookfield management given the obvious that they obsess over fees, fees that are quite largely paid by the Brookfield entities themselves. Investors in Brookfield, at least to me, seem to think it is all benefit with no cost. I can’t even begin to explain how differently I feel about this. I do not like the business model these days, but what the heck as I’ve done well-very well with the entities. I just think it gets progressively less special as time passes. I’m sure the asset manager is going to grow fast. At what cost to the other entities? I guess we will see.
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