Kinder Morgan, Inc. (KMI) Reports Solid 1Q15 Results

Kinder Morgan Inc., first quarter 2015 report (1Q15) is solid [Source]. While KMI is up about 30% since our initial purchase in October 2014, at the current share price level of about $43/share it still offers a strong potential return with a healthy margin of safety. We believe the company is on track to achieve $60-70 […]

Breitburn Energy (BBEP) Risk & Reward Turns Unfavorable: Time to Exit

Breitburn Energy Partners LP (BBEP) and EIG Global Energy Partners (EIG) announced [Source] a  “definitive agreements whereby Breitburn will sell $350 million of perpetual convertible preferred units and $650 million of senior secured notes in simultaneous private offerings to investment funds managed by EIG, and other purchasers. These offerings are expected to close on April 8, […]

Breitburn Energy Partners (BBEP) 4Q14: A Good Report; Our Thesis is on Track

Breitburn Energy Partners LP (BBEP) reported [Source] financial and operating results for the fourth quarter 2014 (4Q14) and full year 2014. It was a good quarter and full year especially in light of the sharp decline in crude oil and natural gas prices since mid-year 2014. The company’s management team is experienced and has navigated […]

Brookfield Asset Management (BAM) 2014 and 4Q Results that Didn’t Miss a Beat

Brookfield Asset Management (BAM): reported [Source] Funds from Operation (FFO), their primary measure of cash flow, was $2.2 billion for 2014 or $3.17/share a decrease of 38% on a per share basis from the previous year of $3.4 billion or $5.14/share when the company recorded an all time record high. For the fourth quarter 2014 (4Q14) […]

American International Group (AIG) 4Q14: A Mixed but Refreshing Report

As we have seen in the past AIG’s earnings report [Source] this quarter was a mixture of good and bad news. It can be characterized as a quarter of “housekeeping” where the company takes hits in an effort to move forward with a clean slate. Reflecting on the new CEO Peter Hancock’s first two quarters at […]

Brookfield Property Partners (BPY) 2014 Good Result with More to Come

Brookfield Property Partners (BPY) reported a strong first full year of operations since it was spun off delivering a total return of 20.2% to unit holders for the year. Consisting of 15.2% in capital gains and 5.0% in distributions the total return compares very favorably to the S&P 500 total return including dividends of 14.0%. […]

Brookfield Infrastructure (BIP) Reports 2014 Results; Another Good Year

Brookfield Infrastructure Partners (BIP) reported results [Source] for full year 2014 with a total return of 12% compared to its target total return of 12-15%. In the past three and five years annualized returns were 20% and 26% respectively. Funds from Operations (FFO), BIP’s measure of cash flow, for the full year 2014 was $724 […]

Kinder Morgan, Inc. (KMI) Reports Solid 4Q14 Results

We bought Kinder Morgan Inc., in October, 2014 after they announced the consolidation merger bringing all of its publicly traded segments into one company. We expected good things from KMI and the 29% gain in 2014 was a nice start for the 2½ months we owned it. We are expecting more good things over the years and […]

Brookfield Asset Management (BAM) 3Q14 Update: Growing Platform of Opportunity

Brookfield Asset Management is a global alternative asset manager with $200 billion in Assets under Management (AUM). They own and operate real assets with a focus on: property, renewable power, infrastructure through listed entities and their asset management franchise. Capital is employed with a long term investment horizon, attention to the business cycles and a […]

Brookfield Property Partners (BPY) 3Q14 Update: Significant Upside Potential

Sometimes Mr. Market just doesn’t get it. BPY is a global premier property company with significant upside potential over the next five years. The upside is driven by initiatives underway in its existing asset base led by a top notch management team with a track record of outstanding risk adjusted returns. BPY was spun off from […]