Thread by @JerryCap

Started reading the Brass Ring.

h/t @nachkari

Brookfield has a long history of maximizing control while minimizing invested capital

"For $52 million the Bronfmans gained control of a company (Trizec) with $900 million in assets"

Cockwell arranged for Trizec revolving-term loans with thirty-five banks - "so as not to create undue reliance on the whims of any one particular financial institution."

The difference between Canadian and American financial institutions $TD vs. $C

$BAM has been fighting the holdco discount forever...

"With yesterday's move, EdperBrascan became the latest big-name company to embrace radical surgery as a means of treating the substantial holding company discount being assigned to conglomerates."

theglobeandmail.com/globe-investor…

@AustinValue $BAM historical financials, letters, supplementals etc.

austinvaluecapital.com/resources.html

That process, repeated five times, turns $50-million into $1.2-billion, and yet Edper puts up only 3.125 per cent of it.

web.archive.org/web/2006061302…

Our stock has been cheap "forever" 😂

When do you pay up for the transition to an 'operating company' (earnings) versus a 'holding company' (NAV)? (cc $BUR)

"The shareholder has no real guarantee that this year's performance can be equalled"

Skin in the game, an important part of all great companies

"Senior executives are expected to purchase shares equalling 10x their salaries... Using loans paid off in five years..."

"You sell yourself to the organization"