Brookfield Asset Management: A Global Alternative Asset Manager

Timothy Vick presented his in-depth investment thesis on Brookfield Asset Management (NYSE: BAM) at Wide-Moat Investing Summit 2013.

The Bottom Line: Holding company that invests in fixed assets with stable cash flows, pricing power, and inflation hedges: commercial office property and malls (300 million sq ft), renewable power (200 hydro plants and 11 wind farms), infrastructure (farmland, rail lines, toll roads, ports, gas pipelines) and private equity (residential developments in the U.S. and Brazil). Annualized shareholder returns, ex. dividends, of 14% over 30 years and 18% over 10 years. BAM is a “next-generation” Berkshire Hathaway, with current CEO Bruce Flatt (48) at the helm. Non-traditional sources of moat: “wide palette to paint with,” corporate structure, management longevity, credit rating, deal-making reputation and principled capital allocation. Lack of traditional business model makes BAM hard to value by the investment community. Cheap at 1.3x book.

About the instructor:

Timothy Vick is considered one of the leading authorities on value investing and the methods of Benjamin Graham and Warren Buffett. He is the author of three investment books, including the bestseller, How to Pick Stocks Like Warren Buffett. In addition to client portfolio management and securities research, he serves as a member of the Asset Management Committee at Sanibel Captiva Investment Advisers. Timothy has appeared on CNBC and CNN and has been quoted by The Wall Street Journal, The New York Times, The Los Angeles Times, The Washington Post, Barron’s, and The Chicago Tribune. Timothy holds a master’s degree in management from Purdue University and Bachelor of Arts in history and economics. He previously served as a securities analyst and portfolio manager for buy-side investment firms. Prior to joining the securities industry, he was an award-winning investigative journalist in Chicago. Timothy has served on several non-profit boards, including the Northwest Indiana Symphony Orchestra, Calumet College of St. Joseph, Tradewinds Rehabilitation Services, Westminster Presbyterian Church, and the Jim and Betty Dye Foundation.

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