Brookfield Asset Management (A)

BAM.A-T

Analysis and Opinions about BAM.A-T

Signal
Opinion
Expert
BUY
BUY
March 18, 2008
They have vast holdings in the power and resources, but they've been marked down almost in half, because of fears in the financial areas. They have huge cash flow and he isn't concerned about them.
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They have vast holdings in the power and resources, but they've been marked down almost in half, because of fears in the financial areas. They have huge cash flow and he isn't concerned about them.
TOP PICK
TOP PICK
March 17, 2008
Preferred Ms. 4.75% coupon. Pays a dividend. Pre-tax yield is 8.4%. Call provision in December of 2011 in which they’ll pay $26. Beat GIC’s in a big way.
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Preferred Ms. 4.75% coupon. Pays a dividend. Pre-tax yield is 8.4%. Call provision in December of 2011 in which they’ll pay $26. Beat GIC’s in a big way.
BUY
BUY
March 13, 2008
A great company and it's going down because real estate is slightly tainted and has been brought down because of the subprime mess. It's a good buy for the long term.
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A great company and it's going down because real estate is slightly tainted and has been brought down because of the subprime mess. It's a good buy for the long term.
PAST TOP PICK
PAST TOP PICK
March 6, 2008
(A Top Pick Mar 6/07. Down 29%.) If there is one market that will hold up, it is the financial centre of the US. This is a wonderful inflation hedge.
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(A Top Pick Mar 6/07. Down 29%.) If there is one market that will hold up, it is the financial centre of the US. This is a wonderful inflation hedge.
HOLD
HOLD
February 19, 2008
Likes their strategy of divesting themselves of direct ownership of assets and becoming asset managers. Has had a hard time over the last year because of the extent of their involvement in the real estate industry in the US. Very smart managers.
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Likes their strategy of divesting themselves of direct ownership of assets and becoming asset managers. Has had a hard time over the last year because of the extent of their involvement in the real estate industry in the US. Very smart managers.
HOLD
HOLD
January 25, 2008
They have a great model. They buy assets, lever them up and then find pension funds to partner in with them. They are then able to take an asset with an 8% return and turn it into 15% ROE for their shareholders. At the moment investors don't have a great deal of confidence in a company like this. You have to accept volatility when you buy this.
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They have a great model. They buy assets, lever them up and then find pension funds to partner in with them. They are then able to take an asset with an 8% return and turn it into 15% ROE for their shareholders. At the moment investors don't have a great deal of confidence in a company like this. You have to accept volatility when you buy this.
DON'T BUY
DON'T BUY
January 23, 2008
You never have a really good idea of exactly what earnings are going to be. More of an asset story. In this downturn, the balance sheet is okay, but it does have real estate debt in there. When the market recovers, the stock will do better again, but there is no rush.
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You never have a really good idea of exactly what earnings are going to be. More of an asset story. In this downturn, the balance sheet is okay, but it does have real estate debt in there. When the market recovers, the stock will do better again, but there is no rush.
COMMENT
COMMENT
January 14, 2008
It suffers from being a difficult company to categorize. With uncertainty on the US economy and the direction of the stock market, people want things that are easy to understand. You have to put your faith in management and be a long-term holder.
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It suffers from being a difficult company to categorize. With uncertainty on the US economy and the direction of the stock market, people want things that are easy to understand. You have to put your faith in management and be a long-term holder.
DON'T BUY
DON'T BUY
January 9, 2008
A bear market can be tough on good companies. He can't see any bottom on this one. This one tops even before the banks. It is in a vicious downtrend.
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A bear market can be tough on good companies. He can't see any bottom on this one. This one tops even before the banks. It is in a vicious downtrend.
PAST TOP PICK
PAST TOP PICK
January 2, 2008
(A Top Pick Mar 6/07. Down 14.7%.) Good inflation hedge. Still likes.
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(A Top Pick Mar 6/07. Down 14.7%.) Good inflation hedge. Still likes.
BUY
BUY
December 28, 2007
(Market Call Minute.) Focused in apartments and offices in Brazil. Terrific management.
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(Market Call Minute.) Focused in apartments and offices in Brazil. Terrific management.
TOP PICK
TOP PICK
November 29, 2007
A tremendous set of assets. Thinks it has a “holding company” discount. Terrific balance sheet. 1.5% dividend. Very good growth story. Very smart managers.
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A tremendous set of assets. Thinks it has a “holding company” discount. Terrific balance sheet. 1.5% dividend. Very good growth story. Very smart managers.
COMMENT
COMMENT
November 22, 2007
Doing a lot of structured deals and one-offs. Hard to know exactly what is in it so at times like this it tends to trade at a discount. Really good track record longer term. Good managers of their assets. Asset value is in the $40’s so you are getting mispriced assets. Probably doesn't do anything until the market calms down but if you have a 5-year view, it's a buy. If you have a 6-month view he would probably wait.
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Doing a lot of structured deals and one-offs. Hard to know exactly what is in it so at times like this it tends to trade at a discount. Really good track record longer term. Good managers of their assets. Asset value is in the $40’s so you are getting mispriced assets. Probably doesn't do anything until the market calms down but if you have a 5-year view, it's a buy. If you have a 6-month view he would probably wait.
PAST TOP PICK
PAST TOP PICK
November 19, 2007
(Top pick March 6, 2007, down 20.0%) They have a bunch of inflation hedges. Backs them. Price is down, buy more. May be dead money for the next 12-18 months. Your not getting paid to wait.
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(Top pick March 6, 2007, down 20.0%) They have a bunch of inflation hedges. Backs them. Price is down, buy more. May be dead money for the next 12-18 months. Your not getting paid to wait.
BUY
BUY
November 14, 2007
On his watch list. Nice technical entry point here. Own a big stake in Brookfield Properties (BPO-T), which is all US commercial real estate. You get tarred a bit with a sub prime brush, but it is more in terms of their undeveloped residential land and gets marked down. Hold prime Brazilian infrastructure assets.
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On his watch list. Nice technical entry point here. Own a big stake in Brookfield Properties (BPO-T), which is all US commercial real estate. You get tarred a bit with a sub prime brush, but it is more in terms of their undeveloped residential land and gets marked down. Hold prime Brazilian infrastructure assets.
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