Subject: CAAS

perspective from BAM's teskey...
he finds most interesting situation (i casually deem) 'capital-as-a-service'.
i.e., if you are a highly competent operator in your core business, there is no need to hold liquidity on your balance sheet for an unknown future time when you actually want to use it.

some interesting comparisons with berkshire\buffet, well known for receiving most of the free cash flow from their own subs.
- some returned for high watermark capex
- some used to invest in public markets
- some reserved for extractive conditions lending to companies under duress
- some used to acq companies in entirety
- none held for dividends


https://www.brookfield.com/new...