Bruce Flatt

Chief executive of Brookfield

Sources

• Letter Brookfield Asset Management's 2008 letter to shareholders
• Letter Bruce Flatt's March 2020 update to Brookfield shareholders

2 ideas

• FrameworkCreditLetter

  The duration and covenants of a loan matter as much as the amount of leverage

  Ask when the debt comes due, what it can reach, and what trips it, before asking how much there is.

  Real estate, infrastructure and any capital structure question where leverage is measured only as a ratio.

  From Brookfield Asset Management's 2008 letter to shareholders · Bruce Flatt

• Case studyCrises and market historyLetter

  In a crash, long-duration cash flows move far less than the price, if you stay solvent

  State the liquidity first, because the argument that prices overshoot value is only available to those who can wait.

  Any crisis communication, any question about buying in a crash, and infrastructure or real asset valuation.

  From Bruce Flatt's March 2020 update to Brookfield shareholders · Bruce Flatt