Brookfield Corp (BN.TO)

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.

It's been basing since last September. Pays a decent dividend. As long as it holds $60, this won't revisit $49. Should be a core holding you hold for a long time.

Unlike before, it is now tapping the public equity markets and able to own assets for much longer terms so it can expand its operating footprint and grow their franchises. There is a high level of debt across the globe in developed economies so we should start to see privatization strategies where sovereign assets are sold off. Brookfield Corp will be well positioned to participate.      Buy 8  Hold 2  Sell 1

Private equity, private credit. Outperformer in recent years. Likes it, and its management, a lot. Lots of noise in the space, as well as headwinds on valuation. Don't worry about this move on one day, not the beginning of the end. Had a great run and, for that reason, may underperform in a general market correction.

The parent to all the subsidiaries. Well positioned on a lot of trends like renewables, uranium exposure, infrastructure. Cashflows from subsidiaries are backed by hard assets under long-term, inflation-protected contracts. Very global. Alternative asset segment as a whole is growing. Oaktree Capital has been a nice avenue of growth.

Very well positioned. On pullbacks, add to or initiate a position.