Author Topic: BAM - Brookfield Asset Management  (Read 510854 times)

WhoIsWarren

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Re: BAM - Brookfield Asset Management
« Reply #70 on: April 19, 2013, 08:32:27 AM »
Quote
8:32 AM Brookfield Asset Management (BAM) receives regulatory approval to proceed with a plan to purchase more than 53M shares - about 10% of the public float. The maximum daily purchase allowed in Toronto will be about 195K shares, representing 25% of the average daily volume. The company bought more than 2M shares on the NYSE over the last year.

giofranchi

giofranchi, this isn't really "news".

Here are some snippets from the Q4:12 earnings call (mid-Feb 2013):

Brian Lawson (CFO):
"The board also approved a normal course issuer bid that permits us to repurchase approximately 55 million shares and
Bruce will speak further on this in his remarks."

Today's "news" is that they have received regulatory approval from the Toronto Stock Exchange.

Other snippets from the earnings call were the following:

Bruce Flatt:
"In addition, as a result of this cash generation, we will also likely use portions of it to repurchase common shares in the
company. Brian just mentioned the renewal of our common share issuer bid which often we authorize, but don't use.
But depending on price and other opportunities, we may use a large portion of this 50 million plus share issuer bid over
the next year to repurchase common shares with this excess cash."

And in answer to a question:
"I guess, Michael, these are all capital allocation decisions and to answer this question, one that was asked earlier, our business is about capital allocation at the most senior corporate level and all we do is decide whether we should take money out of one thing and put it into another. There is no doubt our shares are we believe are a good investment compared to other things, some other things today. And as we harvest cash, one of the places we'll look to – is to pull in stock. I don't think we should specifically say whether we're going to be in the market buying at these levels are not, but it's very possible over the next year that as I said in my notes, that we'll use a portion or a significant portion of our allotments."

So I would be surprised if there wasn't a meaningful number of shares bought back over the next year.  But, as I say, this isn't "news".

Hope this helps.

P.S. Gio, were you at the Fairfax AGM?  I was there and was keeping an eye out for you to have a chat......alas!  So many people, so little time.....

« Last Edit: April 19, 2013, 11:16:57 AM by WhoIsWarren »


giofranchi

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Re: BAM - Brookfield Asset Management
« Reply #71 on: April 19, 2013, 09:49:24 AM »
Quote
8:32 AM Brookfield Asset Management (BAM) receives regulatory approval to proceed with a plan to purchase more than 53M shares - about 10% of the public float. The maximum daily purchase allowed in Toronto will be about 195K shares, representing 25% of the average daily volume. The company bought more than 2M shares on the NYSE over the last year.

giofranchi

giofranchi, this isn't really "news".

Here are some snippets from the Q4:12 earnings call (mid-Feb 2013):

Brian Lawson (CFO):
"The board also approved a normal course issuer bid that permits us to repurchase approximately 55 million shares and
Bruce will speak further on this in his remarks."

Today's "news" is that they have received regulatory approval from the Toronto Stock Exchange.

Other snippets from the earnings call were the following:

Bruce Flatt:
"In addition, as a result of this cash generation, we will also likely use portions of it to repurchase common shares in the
company. Brian just mentioned the renewable of our common share issuer bid which often we authorize, but don't use.
But depending on price and other opportunities, we may use a large portion of this 50 million plus share issuer bid over
the next year to repurchase common shares with this excess cash."

And in answer to a question:
"I guess, Michael, these are all capital allocation decisions and to answer this question, one that was asked earlier, our business is about capital allocation at the most senior corporate level and all we do is decide whether we should take money out of one thing and put it into another. There is no doubt our shares are we believe are a good investment compared to other things, some other things today. And as we harvest cash, one of the places we'll look to – is to pull in stock. I don't think we should specifically say whether we're going to be in the market buying at these levels are not, but it's very possible over the next year that as I said in my notes, that we'll use a portion or a significant portion of our allotments."

So I would be surprised if there wasn't a meaningful number of shares bought back over the next year.  But, as I say, this isn't "news".

Hope this helps.

P.S. Gio, were you at the Fairfax AGM?  I was there and was keeping an eye out for you to have a chat......alas!  So many people, so little time.....

Hi WhoIsWarren,
I never have the ambition to give you “news”… you are always one step ahead!!  ;D ;D
I haven’t read the conference call transcript yet (I think it is stacked under a thick pile of other documents… I am always late!!), and I didn’t know Mr. Flatt had talked about “50 million plus” shares buyback!
I think it is an important number, that speaks loud about what management thinks IV really is.
Thank you!

No, unfortunately I could not be there… I would have liked it very much, just to meet you and other very thoughtful investors I have come to know on this board… I will surely arrange things so that I get the chance next year!!  :)

Gio
« Last Edit: April 20, 2013, 02:16:43 AM by giofranchi »
Portfolio: AAPL, AMZN, BABA, BOSS, BRK.B, FB, FFH, FIH.U, FINX, FWONA, GOOG, IBB, JPM, LBRDA, MKL, NKE, QQQ, SFTBF, SMH, TCEHY, V, XBI, XT

WhoIsWarren

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Re: BAM - Brookfield Asset Management
« Reply #72 on: April 20, 2013, 11:47:08 AM »
Hi WhoIsWarren,
I never have the ambition to give you “news”… you are always one step ahead!!  ;D ;D
Eh....flattery will get you everywhere, but I don't think so! In fact, when you originally posted the buyback "news" I got quite excited and thought the share price would react positively.  When this didn't happen, I thought some more and remembered the conference call share buyback discussion!

No, unfortunately I could not be there… I would have liked it very much, just to meet you and other very thoughtful investors I have come to know on this board… I will surely arrange things so that I get the chance next year!!  :)

Yes maybe next year -- I look forward to it already  :D

In the meantime, keep your posts coming.  You've got to be one of the most prolific contributors to the board!  From what I remember, you only joined the group a few months before me but have....emmm....well....made just a few more posts than me  :o :o

giofranchi

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Re: BAM - Brookfield Asset Management
« Reply #73 on: May 09, 2013, 08:13:20 AM »
Q1 2013 Letter to shareholders

giofranchi
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nnayyar

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Re: BAM - Brookfield Asset Management
« Reply #74 on: May 09, 2013, 08:36:51 AM »
Any thoughts on BPY spinoff? trading ~23, stated BV was $25 and projecting 4% yield. Previous poster had link to investor presentation with much higher (though mgmt projected!) value...
"Because money won is twice as sweet as money earned."

nnayyar

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Re: BAM - Brookfield Asset Management
« Reply #75 on: May 20, 2013, 06:35:31 PM »
"Because money won is twice as sweet as money earned."

giofranchi

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« Last Edit: May 21, 2013, 04:59:00 AM by giofranchi »
Portfolio: AAPL, AMZN, BABA, BOSS, BRK.B, FB, FFH, FIH.U, FINX, FWONA, GOOG, IBB, JPM, LBRDA, MKL, NKE, QQQ, SFTBF, SMH, TCEHY, V, XBI, XT

giofranchi

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nnayyar

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Re: BAM - Brookfield Asset Management
« Reply #78 on: May 30, 2013, 09:23:34 AM »
There's an obvious rotation out of yield, partially led IMO by Japan. This article in particular highlights the risk from Japanese investors in US REITS:

    http://online.wsj.com/article/SB10001424127887324010704578419041839826094.html


Below is an argument on the sensitivity of REIT's to Interest Rates, it seems sometimes it matters and sometimes it doesn't"
http://t.co/YVMLoEADE6

I was just wondering if anyone had some thoughts if there is a real shift in business fundamentals or simply a re-allocation / de-leveraging going on? Tks!

"Because money won is twice as sweet as money earned."

indythinker85

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Re: BAM - Brookfield Asset Management
« Reply #79 on: June 04, 2013, 05:41:40 AM »
Same hedge fund now targeting BPY calling it a Ponzi Scheme. They dont have the greatest track record, but then again few short funds have decent performance this year http://www.valuewalk.com/2013/05/dialectic-brookfield-a-ponzi-scheme/