Martin Cobb, ASIP Brookfield Corp BN-T HOLD Feb 05, 2025

Managed well and owns several spin-offs, baby Brookfield stocks. The stock price has moved up a lot in the past year as has the group. But it needs a pause. This is not being negative about BN-T, but the correct stock price offers no safety. You can buy this, put it away and in 5 years shares will likely be higher.

Phenomenal compounder. Valuation still at massive discount to US peers. Management closely aligned with shareholders and working hard to unlock value. He'd consider buying today. Unique position with capital allocation to maximize its portfolio.

Indicated a move of head office to US, but doesn't have to do with tariffs. They're global, yet Canada provides only a small percentage of earnings. Management believes a move would encourage more US-based indices to include it, thereby broadening its potential shareholder base.

Are shrewd operators run by a smart CEO. Definitely buy on weakness. He wishes he knew what they own, but they seem to own everything that is great.

A year ago, people were worried about its exposure to real estate. Management owns 20% of the company, so it behooves them to do well for shareholders. Cashflow monster. Management believes its real estate holdings and potential fees are undervalued.

A core holding in his Canadian dividend strategy. Incredibly well run by bright people for a long time. Sold off ~10%, but chart's done extremely well. Likes that CEO has bulk of his net worth invested in shares. Quality operation.

Loves it, wonderful management. Ran up too much, too fast. Not surprised by pullback, as all the private equity firms have. If liquidity tightens up, these guys won't be able to easily sell projects, GAAP earnings will suffer, with lower near-term cashflow and profitability. 

At Investor day last September it targeted expected distributed earnings at 17% compounded annually over the next 5 years. There's another possible target of 25%. It does not have much exposure to tariffs.

He rotated out a few weeks ago. Seeing recent weakness in financials (with $$ also coming out of industrials and consumer discretionary). Chart shows a fairly major breakdown of support ~$78. Now the stock is rolling back up, so it's looking more encouraging. Downtrend line on the chart is ~$81-82, so we'll have to see what happens at that point.