Introduction
As usual, I enjoyed this year's Investor Day Presentation by Brookfield Asset Management (BAM) in New York on September 26th. My thesis is that BAM is doing a nice job producing shareholder returns. One must grasp plan value in order to understand long term shareholder returns. The stock tends to trade at a discount to plan value but historically plan value adjusted for dividends has been a good proxy for shareholder returns. The past track record sends a clarion signal that management is capable of backing up projections.
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