Brookfield Corp (BN.TO)

Incredibly well run. Thrives in this type of volatility, as they can pick up cheap assets. Lots of capital to put to work. Unique, global. Be aware that it trades at a discount to NAV.

Owns no Brookfield names -- its holding-company ownership structure is rather opaque and old-fashioned. Not enthralled by the pieces.

If he were to own any of the names, it would be BIP.UN.

Huge global investment organization. Not cheap, but in a good position to put $$ to work in this period of disruption. World-class at making investment decisions. Be aware of concerns about AI and credit, as BN has exposure. 

Keep an eye on it. Brookfield can be opaque, we're in a time of volatility, and you know what happens when investors get nervous.

Note:  Owned by his colleague, Christine Poole.

Of the Brookfields, he prefers the parent. Always has. It ultimately controls the subsidiaries and managers hold a lot of shares.

Both are really good choices, but BN is probably the better way to go.

As for BAM, Q3 was intact. Very big infrastructure fundraising for 2026. 24x PE for 16% growth, not bad. Asset managers had a rough time recently. Not first place he'd put new $$ for risk/reward, but a very reasonable hold. Yield just over 4%.

Broad-based, global exposure to a number of different businesses. Reported last night, blew out expectations. Bought back $1B of stock. 

Unique in its ability to take advantage of sizeable secular themes -- electrification, AI, and energy. Excellent capital allocator. Its hard assets are a great way to hedge exposure to inflation and volatility. Yield is 0.59%.

Wonderful question. Brookfield is a big conglomerate, with BN at the top and all the subsidiaries below. Subsidiaries are more income-focused. 

If you're growth focused, and not income-focused, you want to be at the top of the pyramid. BN can optimize value among its pillars. If one subsidiary is richly valued, it can issue shares. If one is trading at a low multiple, it can buy back shares or privatize. You get added levers of value creation at the top of the pyramid.

As good of a long-term compounder as there is. For the younger investor, buy at the right price, and let it work for you.

The largest of his Brookfield positions. Also owns BIP.UN and BAM. If you want growth, BN is the way to go. Best operators in the world.

He likes this and the parent company, BN-T, which is one of the best equity shops on the planet. Infrastucture investing is a good way to get yield into your portfolio. He slightly prefers BIP because of private equity risks in private equity, like KKR and Apollo.

You have to think of trends moving forward, especially for financing and underwriting new ideas. It'll be focused on pools of private equity and it has private debt. On the utilities side of the business, the "underlings" (such as BEP.UN and so on) are going to be trying to fund all these growth areas (such as data centres).

Just like the banks, companies like this (along with KKR and BX) will be necessary moving forward to provide all the financing to fulfill the trends. 

This name get dividends filtered up from the subsidiaries, as well as management fees. He's owned for a long time. A good buy at this time.

It is an alternative asset manager and is now branching into the retail area. It is in a good space and very well positioned in the de-carbonization theme and has holdings in infrastructure, renewables and private equities. They made a good acquisition of Oaktree Capital.

One of her two choices in the space. Consistent capital flexibility, less sensitive to economic cycle.

Has long admired this. Earnings growth is around 20% for a long time. Own this for the long term, not short.

It is their second or third largest holding in their fund. Expect earnings to grow 20 % over the five years. It is able to use their scale to their advantage and has fewer competitors now. It has ownership of data centres through their holdings of infrastructure companies. Also has investments in providing power for data centres through its stake in BEP. It also participates in the alternative investment field.