BAM 是一只高质量买入标的，得益于基本面加速（盈利增长 15-20%）、强劲的股息增长（15%）以及处于历史低位的估值（21 倍远期市盈率）。
逐段跳播
我完全同意Bruce Flat的看法，这也是我在投资组合中买入更多road和BAM的主要原因之一。所以，正如我刚才所说，我会继续在我的投资组合中买入更多Brookfield Asset Management和Construction Partners，这是我目前持续买入的两只主要股票。
And I completely agree with Bruce Flat and this is one of the main reasons why I am buying more road and BAM in my portfolio. So, as I just said, I am continuing to buy more Brookfield Asset Management and Construction Partners in my portfolio and these are the two main stocks that I am continuing to buy.
它们基本上是我目前唯一在买入的两只股票。我只是认为，这两只股票都因利率上升和油价上涨的担忧而受到了不合理的打击。
They're pretty much the only two stocks that I am buying right now. I simply think that both of these stocks have been hit unjustifiably by higher interest rates and higher oil price fears.
Brookfield Asset Management的基本面实际上正在加速，这家公司刚刚举办了投资者日，我在自己的频道上做了报道，他们预计未来5年盈利将每年复合增长15%至20%。
Brookfield Asset Management's fundamentals are actually accelerating and the business just had its investor day which I covered on my channel and they are expecting to compound their earnings by 15 to 20% annually over the next 5 years.
这也是一家按当前股价计算股息率为4.5%的公司，并且预计未来5年以及长期内股息将每年复合增长15%。
This is also a business that pays a 4.5% dividend yield on the share price today and it is expecting to compound that dividend by 15% annually over the next 5 years and over the long term.
这意味着股息率应该每5年翻一番。这也意味着，今天买入的股票的成本股息率在未来5年可能达到9%，未来10年达到18%，未来15年达到36%——前提是他们确实能继续让业务每年复合增长15%。而我相信他们能做到。
That means the dividend yield should double every 5 years. Which also means that the dividend yield on cost of the shares purchased today could be 9% over the next 5 years, 18% over the next 10, and then 36% over the next 15 if they can actually continue compounding the business by 15% annually. And I believe they will.
想一想，在4.5%的初始股息率下，股价只需从当前水平每年复合增长5.5%，就能给我带来长期10%的复合年回报，我认为这对这家公司来说根本不算什么挑战。
And when you think about it, at a 4.5% going in dividend yield, the share price only needs to compound by 5.5% annually from here to give me a 10% compounded annual return over the long term, which I don't think is very challenging for this business to do at all.
Brookfield Asset Management目前的远期市盈率为21倍，这几乎处于其在公开市场上的历史最低水平。我认为，对于这样一家将继续以每年15%至20%增长的高质量公司来说，这绝对是一笔划算的买卖。
Brookfield Asset Management is also trading for a 21 forward PE, which is right around the lowest it has ever traded for in the public markets. And I think that is just an absolute steal for such a high quality business that is going to continue growing by 15 to 20% per year.
简单来说，我认为Brookfield Asset Management是当前整个市场中风险回报最具吸引力的股票之一。
To put it simply, I think Brookfield Asset Management is one of the most attractive stocks in terms of riskreward in the entire market right now.
我不认为它从现在起能产生30%以上的年回报。但就非常低的风险、未来5到10年可能高达15%至20%的复合年回报而言，我认为作为长期投资者，市场上几乎没有比这更好的选择。
I don't think it's going to produce 30% plus annual returns from here. But in terms of a very low risk, potentially high 15 to 20% compounded annual return over the next 5 to 10 years, I think there's almost nothing better in the market as a longerterm investor.
所以这就是为什么我一直持续向我的投资组合中加仓这么多BAM，只要它仍处于这个区间，我就会继续这样做。
So that is why I have been continuing to add so much BAM to my portfolio and I will continue to do so if it remains in this range.
这个频道对 $BAM 的历次判断
Daniel Pronk 在这只股票上共 2 条判断，这里只列相邻的几条。