Skip to content
P Pitch Archive Stock pitches across investing competitions
← Fall 2011

Brookfield Asset Management

BAM position long Marty Whitman

Thesis

Brookfield Asset Management has a net asset value of around $40, trading near $29 per share. It has significant ownership in Class A office buildings and hydroelectric investments, indicating strong growth potential.

Did it work?

worked confidence: high

The long thesis argued BAM was undervalued at ~$29 versus an estimated NAV of ~$40. The stock returned +79.7%, implying a price around $52 — not only closing the discount to NAV but surpassing the $40 NAV estimate itself. This decisively confirms the core valuation-convergence thesis regardless of elapsed time, as the mispricing the pitch identified has been fully corrected and then some.