The 20% in earnings growth claim over next five years comes from Brookfield themselves. The also believe their asset value or plan value they say is $84 (hopefully im correct) dollar per share at the last reporting point. I dont understand Brookfield enough to be able to predict their future growth myself....

Your strategy would be to sell Brookfield now becuase its gone up X in the last year.... but that doesnt tell you anything about what is going to happen from here. You may miss out on a lot of upside becuase you refuse to try and understand what you are buying!

Let me turn this around please tell me what refrence points, metrics you would use to guage if its currently over or undervalued? If we dont try and understand the business, if we dont look at projected earnings growth, it we dont look at current earnings, if we ignore the managers ability, what do we look at? A SP oscillating up and down and what we ate for breakfast :). There are more items to consider but i think you understand where i am going.

No one can forecast the future exactly but we can try use our brains to try and understand what the likely outcome for a business might be over the next five, ten , fifteen years.

I would add that as Brookfield is a quality business with a set of diverse income streams , has a capable management team and if one has a long term perspective fretting over starting valuations (although they do appear atttactive even now) may be irrelevant.... ? I bought at an average of $31.60 but i will add more if i believe that it will compound in value over time. It wont worry me if the SP drops, infact that will be an opportunity to add more. Hence why i have been looking at the company closer.

I have a modest holding in PSH having bought and sold profitably in the past. Here’s some really interesting supposition from the OB re the sizeable holdings in Freddie and Fannie.

https://theoakbloke.subs...nnie-mae-and-freddie-mac

Bull case:

1. Dollar up.
2. Portfolio seems uneffected by Tariffs.
3. What's Bill done about Tariffs? Is being on the inside given PSH the edge to go shorting GM or others? I bet hes done more than Ruffer?


Edit: 4. No shorts reported on the 4th - must be confident on Trumps actual agenda.

Bill Ackman’s Pershing Square Builds a $2.3 Billion Stake in Uber
https://www.wsj.com/live...er-MTRbvUTAJRlBq03MrzEH

Impeccable timing as Uber is one of the best performers +10 percent
https://www.google.com/finance/quote/UBER:NYSE

Uber has a P/E of 33 but I presume Ackman is attracted to the cash flows.

Was thinking the same, the position size seems huge given the fund. Maybe he sold some google?

Funnily enough I was thinking of buying Uber when it dipped two days ago after the earnings but did not have the guts! Oh well. I guess I now own it via PSH.

I am not so sure about Uber. It has huge upside IF AV comes about and it becomes an aggregator for all the AV vehicles, so work in collaboration with the AV suppliers like Waymo and Tesla.

But on the other it seems like an app that one can easily just move to another app with no cost, and so not sure what the moat is - when AV becomes mainstream then people can just use the Waymo app or Tesla app etc so Uber becomes cut off from business. Valuation does not look cheap either.