While Brookfield Business Partners (BBU) has always offered considerable appeal with its diverse portfolio of high-quality businesses, conservative structuring of non-recourse debt and Brookfield Asset Management (BAM) backing, and strong growth potential given the small market cap, its highly leveraged exposure to cyclical businesses has made it a somewhat risky holding. With the economy in a recession and potential depression due to the COVID-19-related shutdown of much of the global economy, BBU is undergoing its first major test. While uncertainty abounds and BBU is facing (and will continue to face) plenty