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Brookfield’s Looking-Glass World


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A wry investor might be forgiven for concluding that peering at Toronto-based Brookfield Asset Management’s filings is akin to Lewis Carroll’s Alice peeking behind the mirror and finding a universe in reverse.


Consider the third-quarter earnings just released by the real estate management, energy and infrastructure conglomerate, disclosing a handsome $813 million in net income for those three months, walloping the $334 million the public company reported for the same period last year. But instead of popping corks, investors who read the filing will probably want to reach for a bottle of aspirin.


The reality is that a combination of legally permissible accounting maneuvers and Brookfield Asset Management’s singular definition of profit allowed it to script a victory.

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There really does not appear to be much substance here, and I didn't find their last report all that convincing either.  Perhaps one of our BAM experts would care to comment?


I dont have position just know that some shorts have brought up these issues in the past, and that BAM is no FFH or BRK but is popular stock here so thought people would be interested.

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