Brookfield Corp (BN.TO)

It is complex, but also high quality and a big success over the years. He suggests just buying shares and going along for the ride. Known for higher returns and profitability. So well diversified. $900B in assets. Great job from management and CEO.

International. 90% of revenues from outside Canada. At 11x earnings, considerably cheaper than BAM. Small dividend yield, but you're really owning for share price appreciation over time.

Likes it. The PE is still reasonable. Being the parent company, they can move around capital to capture value for shareholders. Would buy it today.

Compounding total returns for shareholders over the long term. Over the last decade, delivered 15% annualized return. Company expects NAV to grow 17% compound return for upcoming 5 years. Wider discount than normal right now due to commercial real estate. Yield 0.8%.

With the BoC beginning to cut interest rates, we would be comfortable buying BN here given its strong and capable management team, good recent momentum, and high expectations for forward growth.
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Own BN, because it's the mothership; everything flows to them. BN has been under pressure for owning office real estate, which is very undervalued and will take time to resolve. They own a big stake in BAM, which is the gem in this lot, because BAM collects healthy fees which flow to BN. BBU doesn't enjoy this.

Excellent company that is a core holding. Sharp pullback last year was a good time to buy. Will continue to own shares. ~17% annual compounding return the past 20 years. Recent M&A continues to boost company strength. Increasing private clients. 

He prefers BN to BAM. BN is the controlling shareholder of BAM, among others. Significant insider ownership of BN. Likes the broader base of earnings, plus that's where management's strategic thinking is focused.

High quality. About $900B in AUM. Good, smart management over a long time. Revenues generated predominantly outside Canada. Very good returns, and this should continue. Confident in management.

The own assets essential to the global economy which buffers the company from volatile macro events. Despite a challenged private equity fundraising environment, BN has done well by raising $143 billion the past year. that they will deploy into various funds and create returns which are inconsistent and lumpy though. They raised their dividend by 8% last February, and grew 14% annually over the past 10 years. This is good for retirement.

Brookfield has an excellent management team with a great history of successful capital allocation. BN is a direct investor in real asset projects and has a lot of capital to deploy for future growth. It has been one of the best performing stocks in the TSX for several years, however, with the recent downturn in the real estate sector over the past few years, it has been under pressure. But, the real estate sector being a cyclical area is likely to return eventually, and when it does, BN is one of the best capital allocators in the space. 
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Worries over their real estate exposure turned out to not be a problem. But a 5% dividend isn't attractive when interest rates match that. He loves the Asset Management business, and trusts the CEO long-term who will invest in businesses to expand.

It is the mother-ship corporation of all the other Brookfield entities. Its goal is to grow its capital at 15% compounded annually over the long term and has done this over the last 10 years and even more over the last 20 years. Its NAV is $74 per share as of last fall so it is trading at a discount to NAV.        Buy 7  Hold 3  Sell 1

Global leader in wealth management. Real estate appears to be turning the corner. If soft landing, one of his favourite plays. Fed rate cuts and rising liquidity should help shareholder returns. Trades at 10x price to adjusted funds, growing at 26%. Yield is 0.78%.

Ticks all boxes of offense and defense, growth and value. You don't have to sweat this name, a great performer all the time. Again, not if it goes higher, but when.

Very strong business with excellent array of assets. Real estate business strong (and undervalued). Expecting more people to return to office. Strong management team that is founder led. Insurance business growing nicely too.