Letter

Brookfield Asset Management's 2008 letter to shareholders

Bruce Flatt · 2009

Explains how an owner of real assets financed itself to survive a credit crisis, and how it used that position to buy back shares and assets cheaply.

• Credit
• Risk
• Capital allocation

1 idea from this letter

• FrameworkCredit

  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.