Yes, well written. While I know this view isn't shared by too many who own the stock, and while I just bought more BN, I think Bruce has been in a hurry to grow - and it simply shows throughout the organization. Seems to me a bunch of quite average or below average investments have been made based on the model of more and more fees.

20% isn't in the cards for us shareholders going forward, ain't it awful? But I think we will do OK.

I think Bruce will find that complexity, promotion, and not exactly coming forth with the real story will overall over time result in...

...the stock of particularly BN selling for a discount.

I said it once and I'll say it again, BPY was not taken in at a huge discount. We had posters exclaiming BPY was a muti-bagger and selling for tiny fractions of its worth. I pretty much felt the entire time that BPY was worth pretty much close to nothing and I still think it is.

Like Buffett, Flatt makes some boo-boos. Life is great...if you can stand it!