Brookfield Infrastructure (BIP) 3Q14 Update: Strong Quarter to Underpin Future Returns

Brookfield Infrastructure (BIP) reported a strong 3Q14 [Source] and continues to execute well. Importantly management provides examples of what BIP is doing each quarter to continue their performance in the future through: “(i) the quality of our assets (ii) our track record of internally generated growth (iii) our global business development platform with local presence and (iv) our full […]

American International Group (AIG) 3Q14 Update

American International Group (AIG) reported 3Q14 earnings [Source]. This is CEO Peter Hancock’s first earnings report following his promotion effective September 1, 2014. He summarizes the quarter this way: “The solid third quarter results were driven by consistent performance across our businesses. While no one quarter is a trend, our risk-adjusted return focus could be […]

Brookfield Asset Management (BAM) 2Q14 Results: Strong Growth Continues

Profile: Brookfield Asset Management is a global alternative asset manager with $192 billion in Assets under Management (AUM). They have a 100+ year history of owning and operating real assets with a focus on property, renewable power, infrastructure and private equity sectors. They invest alongside shareholders and institutional investment partners in high quality, simple to […]

Brookfield Property Partners (BPY) 2Q14 Results: A Lot of Positives

Brookfield Property Partners (BPY) is a leading global commercial property company with operations that include premier office, retail, multi-family, industrial and hotel assets. The company was spun off from Brookfield Asset Management (BAM) and began trading independently in April, 2013. Our investment thesis is centered on the long term performance under BAM and that it will […]

Brookfield Infrastructure (BIP) Reports 2Q14 Results; It Remains a Solid Long Term Investment

Before jumping into the quarterly report let’s take a moment to review why we’re invested in this business. Good Business: Brookfield Infrastructure Partners (BIP) is invested heavily in a class of assets that became known as infrastructure assets and established a preeminent position. Infrastructure assets are long life and require relatively minimal maintenance capital expenditures, they […]

American International Group (AIG) Reports 2Q14 Results; Thank you Mr. Benmosche!

American International Group (AIG) reported 2Q14 earnings [Source]. This is CEO Robert Benmosche’s last earnings report as he retires and assumes an advisory role with the company effective September 1, 2014. Under Bob Benmosche’s leadership AIG has recovered from its near collapse and has made amazing progress bringing focus back to the core insurance businesses, […]

Genworth Financial (GNW): A Good Return but Time to Sell

We invested in Genworth Financial (GNW) during November, 2012 after the share price fell to $5.50/share. The investment thesis [Source] discusses the company then trading at about 16% of book value ($33.52/share); 25% of estimated intrinsic value ($22/share); and 32% of net tangible assets ($17.31/share). The worst of the financial crises was behind it and […]

A New Chapter for AIG

Robert Benmosche, CEO of AIG was confident that the sale of International Lease Finance Corporation (ILFC) to AerCap Holdings N.V. would close:  “we’re very confident that this transaction will in fact close in the second quarter.” His confidence was well placed. On May 14, 2014 AIG announced it had completed the sale [Source] for $3.0 billion […]

Genworth’s Australia Debut

Genworth’s Australia debut raised $545 million in U.S. dollars and begs the question; now what? Genworth announced [Source] that it’s’ subsidiary, Genworth Mortgage of Australia Limited priced its initial public offering (IPO) of 220 million shares at $2.65 Australian Dollars (A) for a total of A$583 or US$545. This 34% sale of the business values […]

Brookfield Asset Management (BAM) 1Q14 At an Inflection Point

Brookfield Asset Management (BAM): reported [Source] Funds from Operation (FFO) the company’s measure of cash flow, was $492 million for 1Q14 increasing 6% over the 1Q13 quarter level of $387 million excluding realized gains on asset sales. The increase was due to stronger pricing in renewable energy operations and increased asset management fees partially offset by […]