Subject: Re: BN fair value
As to what make me hold and buy more?

Bruce Flatt is a proven marketeting success and it surely does not appear to be a waining model. Unlike other who think the Brookfield organization is a superior investing organization, my view is that their selling ability (to institutions, governments, wealthy groups/people) is superb.

My belief too is that as long as Brookfield can borrow money, as long as they have access to funds, I think BN and BAM will do well. 20%? No, but 10% yes. And that, at least in my view, whallops the market.

I'd be wary of getting in a vulnerable situation with Brookfield management, and that can be either with a sub or anything else where they own control, as they can take advantage of things in a manner unlike Berkshire or Markel, or even Fairfax, etc.

The fee business is the power here in my view.

I'm a little bit too in the mindset that most of the time, but not all the time, the huge multi-deminsional emtities like Berkshire and Brookfield will be more likely to sell at pretty good discounts to sum of the parts figures. But for short periods, every now and then, surely investors will swarm BN and BAM. A big tech sell off...yea, that would do it.

And that's when the slightest reality post won't get any pushes on the likes tab.

Remember, in recent times on the Berkshire board it was so popular to state emphatically that Berkshire was undervalued while the S & P was over-valued. All while the posters stating these things, nearly all of them in unison, would also make a case for an assortment of the under-valuation of Amazon...or Alphabet...or Meta...or Microsoft...or Apple...and this was going on for years. The likes were endless on Berk bargain/S & P over-valued...

...and it never came to be for decades now.

Brookfield has been a fabulous business. But plan value isn't good and 20% forward isn't either. Am I negative? No.