Brookfield Asset Management (BAM) is a Canadian financial firm you might not have heard of. It’s an asset manager that specializes in real assets like property, infrastructure, and renewable energy. Their roots trace back over a century, when the company was an early developer and operator of infrastructure in Brazil. Over the past 20 years, they have expanded into a global asset manager with over $500 billion in assets under management. They have diverse properties including gas pipelines, toll roads, data centers, solar farms, hydroelectric dams, and skyscrapers across five continents. Insiders own about 20% of the company. That’s massive insider ownership, easily an eleven-figure total, so their incentives are highly aligned with shareholders. The CEO, Bruce Flatt, has been with the company for 30 years, has been CEO for 15 years, and has overseen tremendous performance during his tenure so far. If you invested $10,000 back in 2004, it would be worth $98,000 today compared to only $46,000 in the S&P 500 ETF, including reinvested dividends. BAM has plenty of liquidity, and much of its debt is non-recourse to the parent corporation, but due to its complex corporate structure with multiple layers of moderate leverage, it has a moderate investment-grade credit rating from most rating agencies. All of this makes for a great buy for the long-term. Track the company's performance here: zyne(dot)com/stock/BAM
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