Author Topic: BAM - Brookfield Asset Management  (Read 232611 times)

cubsfan

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Re: BAM - Brookfield Asset Management
« Reply #760 on: November 07, 2018, 05:22:07 PM »
I agree, Mike,

But how can we follow the progress [or lack of the same], if we're not furnished full reporting for BPR?

Sorry John, I misunderstood - that I can't help with.


John Hjorth

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Re: BAM - Brookfield Asset Management
« Reply #761 on: November 07, 2018, 05:26:23 PM »
It's certainly OK, Mike, thanks,

Any fellow board member who can contribute here? - Honestly, I'm really confused here.
”In the race of excellence … there is no finish line.”
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Uccmal

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GARP tending toward value

cubsfan

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Re: BAM - Brookfield Asset Management
« Reply #763 on: November 08, 2018, 05:46:42 PM »

vince

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Re: BAM - Brookfield Asset Management
« Reply #764 on: November 08, 2018, 05:59:32 PM »
Transcript:

https://seekingalpha.com/article/4220083-brookfield-asset-management-inc-bam-ceo-bruce-flatt-q3-2018-results-earnings-call-transcript

BAM looking to buyback a lot of capital over next 10 years. This management team is great.

I dont quite understand why they havent done that aggressively already.  They preach about the intrinsic value and how growth in value and closing of the gap results in 20 percent compounded returns for 10 years.  And I believe them.....so it really doesnt  make sense to me

Jerry Capital

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Re: BAM - Brookfield Asset Management
« Reply #765 on: November 08, 2018, 06:01:41 PM »
They would prefer the market to close the gap at BPY so they can collect higher management fees (which they don't get I'd they buy the BPY shares themselves)

John Hjorth

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Re: BAM - Brookfield Asset Management
« Reply #766 on: November 08, 2018, 08:40:03 PM »
BAM prefers to hold relatively high cash levels over buying BPY units as of now, to stay flexible going forward.

From the letter:

Quote
... But, while global economies are strong, at some point the strong fundamentals must slow down. With this in mind, we continue to prudently invest our capital, while remaining focused on preparing for this inevitability. ...

Please also refer to the description of cash at group level in the BAM 2017 financials.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

ValueMaven

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Re: BAM - Brookfield Asset Management
« Reply #767 on: November 10, 2018, 10:02:27 AM »
Another great q...Always impressed w/mgmt...all 5 shareholder letters are very well written and must reads

Flatt has been laying out some very interesting valuation on the BAM structure recently...buybacks, incentive fees, divy increase, fee bearing capital up, valuation of the asset mgmt arm etc etc...

John Hjorth

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Re: BAM - Brookfield Asset Management
« Reply #768 on: November 10, 2018, 01:06:12 PM »
Another great q...Always impressed w/mgmt...all 5 shareholder letters are very well written and must reads

Flatt has been laying out some very interesting valuation on the BAM structure recently...buybacks, incentive fees, divy increase, fee bearing capital up, valuation of the asset mgmt arm etc etc...

Yes, the overall business seems to be in great momentum. Lots of stuff going on here and there all the time. But it's actually very hard to follow in detail, what's going on.

My major concern is still the accomplished GGP acquisition with regard to BPY. [Which I suppose also is why both BPY and BPR are so cheap at the moment.]
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

ValueMaven

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Re: BAM - Brookfield Asset Management
« Reply #769 on: November 11, 2018, 08:22:32 AM »
The 'float' to me generated by BAM's asset management arm (incentive fees and mgmt fee) is more attractive then Berkshire's 'insurance float' as it contains no liability risk on the back-end.  I realize this is a bit of a mute point given the differences in scale etc - but it is worth thinking about over the next 5yr - 10yr as a solid source of cash generation.

What do others think?