再举一个例子，考虑像Brookfield Corporation这样的公司，其股票代码是BN。这家巨型资产管理公司的股价在过去一年下跌了20%，并且刚刚跌至52周以来的最低水平。
其可分配收益——这不是按照公认会计原则（GAAP）计算的收益，而是一种调整后收益——在上一季度同比增长了15%。其收费资本同比增长19%，这是未来收入的一个强劲指标。它正在以比以往任何时候都更快的速度筹集资金。
这是一种业务持续增长，但股价因市场担忧而低迷的情况。Brookfield确实存在一些真实的风险，别误会我的意思。但这家公司，以15倍市盈率的价格，创造了一种非凡的风险回报动态。
Another example, consider a company like Brookfield Corporation, whose stock market symbol is BN. The giant asset management company's shares have fallen by 20% over the past year, and have just reached their lowest level in 52 weeks.
Its distributable earnings, which are not earnings according to Generally Accepted Accounting Principles (GAAP) but rather a form of adjusted earnings, rose by 15% year-on-year in the last quarter.
Its fee-paying capital grew by 19 % year-on-year, a strong indicator of future revenues . It is raising funds at a faster pace than ever before. This is a situation where the business continues to grow, but the stock price is low due to market concerns.
There are some real risks with Brookfield , don't get me wrong. But the company, at a price of 15 times earnings, creates a remarkable risk-reward dynamic.