Brookfield Asset Management Inc (A)…

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

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COMMENT

Getting through $60 was a big pop. They are at a new high and would be looking to sell half at these prices. Would watch or take a win, but wouldn’t enter or add a position.

BUY

Low interest rates, negative yields, and low growth are unbelievably positive for BAM. You have to own this stock. It's the next Berkshire Hathaway. If they get it right, this company will compound capital in the double digits for a very long time.

PAST TOP PICK

(A Top Pick Oct 09/18, Up 23%) They have billions in their asset management business which is generating management fees. Add their real estate assets and private equity. They've done a great job of building their business. Low volatility and they benefit from low interest rates. It's up 30% YTD and resilient during the current market sell-off.

BUY ON WEAKNESS

During a recession? Below $65 is an entry point. This will do well during low interest rates. Nothing holds up very well in a recession, but this will do better than most stocks. Maybe put a half-weight on now, if you expect a recession within a year.

BUY

BAM vs. BCE A 3% weight in BCE is enough. 50% of their EBITDA comes from landlines, but their credit rating isn't great. Cord-cutting is accelerating on the old telephones. He prefers BAM here. Brookfield is a money manager that does very prudent acquisitions, and is a Canadian success story. BCE's dividend growth will wane given the above reasons, unless they expand internationally. Brookfield offers international exposure.

STRONG BUY

Really likes this chart. A great chart. A buy-and-hold chart that shows a solid uptrend.

BUY ON WEAKNESS

Add to an existing position. You'll do well owning this for the long-term, but don't add to it now, because it's reached all-time highs. Wait for a weak report or bad headline to add more. $60 is a good buy level.

PAST TOP PICK

(A Top Pick Aug 01/18, Up 22%) A long-term core holding. It's a secular growth story. BAM benefits from a secular flow of funds, high fees and their breadth of expertise whenever someone is selling a birdge or tunnel. It's partially rate-sensitive, because some assets are long-duration like a bond. No, it's not a bond proxy, but a secular growth story.

HOLD

He likes the asset management space. This company has been smart about how they build their portfolio. Not a big yield, but it grows by 8% per year. A great hold.

TOP PICK

Private equity is illiquid, but BAM.A makes money off private equity and charges fees. They shouldn't be hurt as badly if there is a market correction. A good defensive play.

BUY

When will it go below $60 for me to buy it? Maybe never. Sometimes just buy a stock and don't wait for it to pull back; the stock could keep rising. BAM is one of the best stocks out there. Pension funds and endowments love these infrastructure stocks with steady earnings for a long time. They're paid management fees for managing tens of billions of dollars, so their capital isn't at risk, and they have a share of the upside. If you missed this at $60, consider that in a few years the price could climb to $100. BAM is one of his largest Canadian holdings. Wonderful company.

PAST TOP PICK

(A Top Pick May 27/19, Up 3%) They bought Oak Tree earlier this year and now manage $500 billion in capital, generating fees off that capital. He will hold this for years. You play real estate, infrastructure, and private equity. A fine company with a great chart. It's one of the biggest asset managers in the world. They have the advantage of scale so they can buy companies. They invest in almost every developed country and many developing ones.

PAST TOP PICK

(A Top Pick Aug 01/18, Up 19%) A core holding for many years. They dominate in the alternate real asset space, leading in private equity in real estate, renewable energy and infrastructure--businesses that are less efficient with higher returns. They recently bought Oaktree, a California credit manager. They are very well managed by peoeple who heavily own shares.

TOP PICK

Her alternative to the banks. Better than the banks, because you don't have the credit risk. If we ever were to go into a recession, it's well diversified with several different asset classes. They benefit in a recession, as they can buy cheaply. And they benefit when times are good, as they can monetize those assets. Yield is 1.38%. (Analysts’ price target is $72.83)

TOP PICK

Manages nearly $400 billion in worldwide assets (highways, sea ports, airports). BAM is loved by pension plans and insurance companies that must invest long-term with a steady return. They get both a management fee and a piece of the action. Run by the best CEO in Canada. BAM is undervalued now and should be a core holding for all Canadians. (Analysts’ price target is $73.01)

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