No. of Recommendations: 2
ultimatespinach you have (delightfully in my opinion) finally bridged the gap from cult fantasy to reality as per the Brookfield yard sale --- in excellent fashion. Just a few years ago it was %-of-portfolio into Brookfield competition on all forums and threads related to anything Bruce Flatt. Not only was it boast-of-Bruce it was boast-of-Bruce at any cost at any time.
I was simply amazed at the incredible beliefs many had as to the outcome projections. It was silly and it was extreme.
So it was, and I'm 69 years old, that my newspaper owning family hooked up with a guy named Marshall Johnson some 50 years ago (50 plus actually) and along the way in the mid 1970's the "put" the family into "Crackerjack" Warren and some other oddities such as North Carolina Railroad (bought by the state of NC- NSC's track through the Piedmont), Brascan, later Fairfax and Markel...and Brascan was a royal 8x earnings stock at times and the times rocked and rolled of good and bad.
...but anyway what I'm trying to project is a little energy towards our bunch actually reading the financial reports, not just copy/paste of Brookfield management presentations and quotes. Yes, there is a growing, steadily growing, gulf between what Bruce and Co say and write and what I see in the financial reports. Am I stupid?
Interest rates? I mention and all I'll get is "Hell dealraker...rents and leases will go up and we will blast to the heavens!" It continues, the responses I get, "Buy boy, you just don't know anything...buy and trust Bruce!"
Really? I just read the Brookfield Property financial report. Does anybody ever actually read the Brookfield stuff and leaving out management's comments try to grasp what is happening?
Anyway, I'd suggest more of the growing trend to see the scene as it is, not as management projects. We are cruising along at probably half of plan value now (yes I know plan value is evidently vanished) and things look very interesting. My questions remain: Who is feeing who? How do these entities thrive with multiple layers of fees? Is management so good that fees do not limit the upside? What is actually in these FFO and DE numbers? What happens to these numbers if management can not access loans with low rates to haul in more cash so that more FFO and DE (???) can be "reported" in the financial statements? Similarly what happens if at some point outside investors do not see this complexity as an ideal spot to hand over massive funds to be invested and feed through multiple layers of massive numbers of investment managers?
BEP's financial reports too looked "interesting" recently. I read and then see euphoric, and I mean absolutely EUPHORIC interpretations. Are these happy-days interpretations more accurate than my sense of reality?
I've been here before with these type things and each time my worst fears and outcomed even more worse than I expected. LOL. I look on with both enthusiasm and no big convincing view of good nor bad, just that things to me seem far away from management comments.
Life is fabulous.......if you can stand it. In the meantime MASSIVE funds are headed BAM's way evidently which of course as is the norm...makes it all work out screamingly well for shareholders (they say).
