Brookfield Asset Management Inc (A)…

Brookfield Asset Management Inc (A) (BAM.A.TO)

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STRONG BUY

A big holding for him. BAM is the top Brookfield stock and has phenomenally grown in recent years. There's even more room to grow in real estate, infrastructure and private equity. They are alternate investments for folks like pension funds which appeal to them because these funds are more than super-safe bonds. A core holding.

BUY ON WEAKNESS

The parent of the Brookfield family. He does not own it, due to its high valuation. It trades at 20 times EBITDA and 2 times book value. It has a lot of leverage. Good buyers of assets, just too expensive.

HOLD

A long-term hold. It's the safest Brookfield stock. It was undervalued the past 12 months and now is fully valued. Expect single-digit returns from here on. He wouldn't buy until this falls to $64-65.

BUY

Doesn't see a problem here. Fine managers. He's watching it closely. Pays a lower yield than other Brookfield stocks, but is one of the better private equity players. It's near record highs now.

BUY

A good shelter during a macro economic slump. He would stick to this more than its subsidiaries to avoid corollary risk.

PAST TOP PICK

(A Top Pick Aug 16/18, Up 21%) If you want to own one international real estate holding -- this is it. They continue to raise lots of capital and have an army to deploy it. They charge fees to management assets and fees on the profits. The bigger the pool of assets, the bigger the fees they collect. Their inside owners interests are well aligned with investors. If markets do drop, they are best positioned to take advantage of opportunities. There could be some risk that regulations that come into the private equity market, but he is not too concerned it would impact their fees.

TOP PICK

It's not too late to enter this. Interest rates keep falling, which makes a great environment for alternative assets, which BAM manages. They're global in outlook, too. They just closed the Oak Tree Capital deal, focussed on credit strategies which is an area BAM wanted to get into. Oak Tree is very well-run. BAM is counter-cyclical. Trades at a reasonable valuation and is a fine long-term hold. (Analysts’ price target is $79.12)

PAST TOP PICK

(A Top Pick Oct 10/18, Up 27%) Also a top pick today, so will discuss it there. Now is an entry point.

BUY

Terrific. It's an inflation hedge and worth holding in tough times. It's a long-time core holding. The one caveat is that they come to market regularly. But you can own this for a long, long time.

COMMENT

Defensive stock? Of all the Brookfield entities, BPY.UN-T is the one he likes the least. They have had a strategy of buying older shopping centres and malls that have not been doing well. He does not buy into the theory they are buying at lower prices. He would hold BAM.A-T instead.

BUY

It is a core holding. It is a very well run operation. They are smart at going into areas early. A great core holding for any investor.

WEAK BUY

Too much debt, though they have put debt to good use. They're fine over 5-20 years. You can buy this and walk away for a while.

BUY ON WEAKNESS

It's been a sure-thing stock over the years and boasts a beautiful chart. Buy and hold this. Buy on a pullback at $65. It has solid real estate holdings.

PARTIAL BUY

They are fantastic asset managers. It has a great long term trend. You could buy a half position, knowing you might have to buy the rest lower. It has been a good position.

BUY ON WEAKNESS

For new money, waiting for a pullback. Great long-term hold. Likes the space of alternative asset managers, it's growing. They compete globally. Likes management team. Have cash on hand to take advantage of buying assets during any downturn. Yield is 1.2%.

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Brookfield Asset Management Inc (A) (BAM.A.TO)