Brianne GardnerBrookfield CorpBN.TOBUYOct 30, 2026

It's been hit over private credit concerns. Is -17% this year. Look at the distributed earnings line which is growing in the low-teens, driving growth in shareholder equity at 15-16% per annum over the past decade. As the business grows, BN will distribute more earnings to shareholders. Now, it's on sale.

He's owned this for 25 years and held on even after the BAM spin-off, because the fundamentals are incredible. As it grows, it gains economies and scale and a strong reputation. BN can easily raise fundraise. Has a fine track record. The stock is undervalued. They will collect all these performance fees in coming years. Wealth management is a great fee business, and BN is one of the top investors. The market doesn't care now that BN is investing is data centres. He continues to buy this.

Private credit has had it rough. Bread-and-butter is investing in real assets, which have some amount of inflation protection. Pretty good cashflow generator. Relies on relatively cheap cost of money to continue to build -- elevated long-term rates make that harder.

Well below 200-day MA. Pulling back to 200-week MA, may provide some good support. Broke lows it made in March. He's not looking at it, given weakness in the sector.

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.

Despite its complex structure, his firm prefers and owns BN instead of its subsidiaries.

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.