Martin Cobb, ASIPBrookfield CorpBN.TOBUYSep 17, 2026

Cons. Complex structure. Very sensitive to interest rates. Private equity exposure. Expansion into insurance makes both balance sheet and execution risk a bit higher.

Pros. Last quarter, distributable earnings up 15%. Fee-related earnings up 20%. Fee-bearing capital reached $672B. Big war chest of $210B of deployable capital. Fingers in lots of pies as growth engines. Share buybacks. Trades 13% below actual NAV. Way cheaper than it ought to be at 9x PE, for a modelled 21% distributable EPS growth. Yield is 0.76%.

Parent is less focused on paying a dividend, while subsidiaries are more income-focused. Flexibility to allocate capital across its portfolio, which is an amazing way to add another layer of value for shareholders. Buy this one for growth. (If you also want income, makes sense to also buy one of the subsidiaries.) Yield is 0.75%.

Currently has no position in any of the Brookfields, but he'd play it through the parent. Difficult to understand, though taking steps to simplify. Demonstrated ability to grow AUM, which is what drives long-term growth. In the very long term, if HQ moved to the US, index inclusion could provide a nice boost to the stock.

In the space, he'd look at BX instead.

Likes management and the group of businesses, just doesn't like the price. Very well capitalized, lots of liquidity. For a value manager, valuation is too demanding for expected earnings and growth. If he saw more of a correction, he'd probably take a look at having a position.

Parent company not very interest-rate sensitive, but subsidiaries BEP.UN and BIP.UN would be. Prefers BN, the parent, as a diversified way to de-risk the investment.

Sold off along with peers. Rise in interest rates, plus fears that the economy's changing quickly. Major brokers have 50-60% upside. Veritas Accounting concerned about aggressive practices. For the long term, probably a good time to buy. Dividend yield not that exciting.

The downtrend has been accelerating. It broke support of $52.50. Not a good chart. If it breaks $50, it keeps falling.

Valuation is very appealing at under 10x PE, growing 18%. Trades at 8% discount to his team's NAV assumption. Investor day on September 17 should be a catalyst. If you want a cheap name that hasn't done much, this is it.

More compelling at the moment than BAM, BIP.UN, or BEP.UN.

Technical damage is there, with 200-day MA starting to trend lower and the price below that. Needs time to repair. Complicated structure and leverage makes it hard to value underlying assets. 

Private-equity, carried-interest part of the whole Brookfield family. Closest to the top of the house where Bruce Flatt resides, so that's where you want to be.

A bit more sensitive as markets have softened. Higher beta, higher risk. APO is a simpler ride, and BAM would provide more stability.

He bought more. No magical catalyst in the quarterly report. Carried interest won't come through as fast as thought, but insurance is growing like gangbusters. Undervalued here. A beautiful business.

Managed well that puts together good deals. In private equity, he prefers Blackstone which has more leverage in its business model and less exposure to the global office market, though BN owns quality office towers. BM has one advantage: it can list on the NYSE and get on the S&P which can uplift the valuation.

If you're trying to de-risk, she'd put this name as probably the riskiest of all the Brookfields. Can be quite volatile with market fluctuations. They own real estate, subsidiary verticals, insurance, private equity. Lowest yield.

Instead, she'd look at BAM or BIP.UN or BEP.UN.

He wants to own the parent. That's where management has all its shares, and that's where you're going to get the value. Brookfield is doing a lot of great things including consolidating. Bringing in a lot of money. A juggernaut. Firing on all engines, valuation still reasonable. Huge runway, in all the right spaces with the proportionate amount of risk. Yield is 0.67%.

Their largest asset is their stake in BAM-T which has struggled recently along with private credit. BN is unfairly painted, because they are more focused on utilities and infrastructure. He expects many inflows in the coming year and a lot of cash flow. BN trades at a discount to BAM, and BN gets most of the performance fees from BAM. True, the company is not very opaque, but the top managers own a lot of stock.