Brookfield Asset Management (BAM) Investment Thesis, Part II

In Brookfield Asset Management (BAM) Investment Thesis Part I, five sources of value creation were discussed. Four of these sources have been in place for years. The fifth source, transforming to an asset manager, is the anticipated catalyst going forward. The transformation will help the market better recognize the outstanding performance and understand the value […]

Brookfield Infrastructure Partners (BIP)

The next step in the valuation of Brookfield Asset Management (BAM) is to understand the components of the company starting with Brookfield Infrastructure Partners (BIP). Brookfield Infrastructure Partners is the first major entity spun off in Brookfield Asset Management’s transformation to a global asset manager. BIP was launched in 2008 and operates infrastructure assets in North […]

Genworth (GNW) Investment Thesis: Part I What went wrong?

Genworth Financial, Inc. (GNW): Genworth Financial, Inc. (GNW) provides insurance and financial management in the United States and internationally including fixed annuity products, life and long-term care insurance; payment protection; and mortgage insurance to insure residential mortgage loans. With more than 15 million customers in 25 countries the company was spun off from General Electric, Inc. […]

Genworth (GNW) Investment Thesis: Part II Turnaround and Valuation

In Genworth (GNW) Investment Thesis: Part I we discussed what led to the collapse in the share price and why it is still trading at a huge discount to intrinsic value. The central question: is this deep discount justified or is it a value investing opportunity created by past worries, fear and excessive pessimism? To […]

Brookfield Asset Management (BAM) Reports 3Q12 Results

Brookfield Asset Management (BAM) reported 3Q12 results on November 9, 2012. The company had solid operating performance with a 17% increase in Funds from Operations (FFO), good total returns, and increasing intrinsic value. Especially encouraging is managements continued progress in adding a large number of high quality assets that will generate increasing returns to shareholders […]

Brookfield Asset Management (BAM) Reports Strong 1Q12 Results

Brookfield reported strong financial and operating performance and remains well positioned for future growth. The investments made over the past four years are making a significant contribution to results with strong performance from major businesses. More information provided on the spinoff of Brookfield Property Partners at the annual meeting and in the Shareholder Letter. Management […]

American Capital (ACAS) Reports 1Q12

American Capital LTD (ACAS) reported 1Q12 earnings after the market close 5/1/12 and held the conference call today at 10 CT. It was another good report from ACAS. Our investment thesis remains on track and the only disappointment from last quarter is being addressed. ACAS remains an attractive investment  in my view trading at a […]

American International Group (AIG) Investment Thesis Posted

AIG’s management has shown significant progress since the financial and credit crises. The path forward seems to be clear for AIG.  Events of the past few months shed additional light on overcoming the remaining hurdles including the; the ability to source significant cash to conclude restructuring; U.S. Treasury sales indicate a rationale approach to the disposition […]

Brookfield Infrastructure LP (BIP)

Brookfield Infrastructure L.P. (BIP) operates infrastructure assets located in North and South America, Australasia, and Europe providing essential products and services for the global economy. The cash flow is stable with approximately 80% of earnings before interest, taxes, depreciation and amortization (EBITDA) supported by regulated or contracted revenues. The long life assets require relatively minimal […]

American Capital (ACAS) Reports 4Q11

American Capital LTD (ACAS) reported earnings after the market close 2/14/12. It was a good report and our investment thesis is on track but there is one disappointment. More on that later. Our Net Asset Value (NAV) estimates of $13.48/share by yearend 2012 was exceeded yearend 2011 as the company reported $13.87 NAV per share […]