Subject: Re: BN All Time High
BAM’s market cap is another 90 billion. Prior to spin off in 2023 it would have been entirely part of the then BAM ( and now BN ) market cap.

Their combined market cap today should be compared to the old BAM. Or would that be double counting?

I am reminded of Zoetis spun off from Pfizer. Its market cap now is half of Pfizer. Pfizer also spun off its consumer brands and combined them with Glaxo. Not sure how much that is worth. A Pfizer investor who kept all the spin-offs wouldn’t have done as badly as someone who just kept Pfizer.