Should we own Shopping Malls?

The “Smart Money in Real Estate” post discusses Brookfield Property Partners (BPY) and their core retail segment. Prospective BPY owners might ask, should we own shopping malls with Macy’s, Sears and other retailers announcing brick and mortar store closures? It’s a fair question because BPY owns 34% of General Growth Properties (GGP), a S&P 500 retail […]

An Alternative Asset Bargain – Brookfield Property Partners

In my last post I discussed Brookfield Property Partners (BPY) progress and the respectable 11% annual total return since their 2013 launch. As an alternative asset, this commercial property company attracts institutional investors looking to improve returns and diversify risk. Something we too should consider especially since BPY remains a bargain. Brookfield Property Partners goes where […]

Smart Money in Real Estate – Brookfield Property Partners (BPY)

Institutional investors, considered the smart money, continue to shift away from stocks and bonds into alternative investment like real estate. Below we discuss why and how Brookfield Property Partners (BPY) provides retail investors a way to participate in commercial real estate (CRE) alongside institutional investors. Should we invest in real estate? We are in the second […]

Dividend Discount Model’s Four Essential Steps

The Dividend Discount Model’s four essential steps are summarized below. The purpose is to provide a quick reference for this valuation, give an example, and offer a spreadsheet template to facilitate calculations and sensitivity analysis. We’ve covered how to value a business with a Constant Dividend Growth Rate and, with a Multi-Stage Dividend Growth Rate.  With […]

Multi-stage Dividend Discount Valuation Part 2

We can invest in an intelligent and disciplined manner if we know the price and the value of a company. That is because price is what we pay and value is what we get. Today we venture into Part 2 of the Dividend Discount Valuation, the Multi-stage Dividend Discount Valuation, where we discuss how to […]

Dividend Discount Valuation Part 1

Price is what we pay and value is what we get. The only way we can invest in an intelligent and disciplined manner is to know the difference between the price and value. Today we venture into our first valuation model of this series, the Dividend Discount Valuation.  If you haven’t had a chance, read my introduction to valuation […]

Valuations and Intrinsic Value – The Key to Buy Low, and Sell High

Common sense tells us that the adage “buy low and sell high” captures investment success. Like anything else we buy, we need a reference point to decide if price is low, high, or somewhere else. That reference point is the valuations of the underlying business or its “intrinsic value.” When we buy a share of […]

Slow and Steady Wins the Race — Brookfield Renewable Partners (BEP)

In the last post, I discussed Toronto based Brookfield Renewable Partner’s (BEP’s) strong growth in capacity since their launch in 2011. Two wide competitive moats protect this capacity in North America: low electrical production cost and limited locations for competitors. BEP performed well over the past few years, with a strong growing annual distribution and an […]

Brookfield Renewable Energy Partners (BEP): Protected with Wide Competitive Moats

Brookfield Renewable Partners (BEP) is one of the largest pure play renewable energy companies in the world, with a 100 year history in hydroelectric generation. Their hydro and wind power facilities are in both North and South America, as well as Europe. As both owner and operator, they gain a unique perspective allowing them to […]

Brookfield Infrastructure Partners (BIP) — Valuation Remains Attractive

Do you remember in 2012 when I estimated Brookfield Infrastructure Product’s (BIP) value and thought it was a good buy? In my last post I discussed how it worked out very well for investors who bought it back then. So, is it still a good investment in 2017? Yes, I believe so and this updated valuation shows why BIP […]