Brookfield Corp (BN.TO)

He's very cautious on private equity in general, as well as on private credit. Public companies that invest in the space are all under pressure. He's actually short several of them.

They have a proven track record in asset management, access to liquidity, and can pick up cheap assets in various industries during volatile times. Through their renewables and infrastructure businesses, benefit from the data centre build in the actual build and supplying power.

Drop due to concerns with big private equity firms declaring force majeure and delaying returning $$ to investors. Solid company, well managed, diversified. You could buy here -- your return will be the dividend, and maybe a bit of capital gain.

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.