Letter

Bruce Flatt's March 2020 update to Brookfield shareholders

Bruce Flatt · 2020

Shows how a capital-heavy business explains its resilience in a crash: liquidity, debt maturities and where capital will go, before any reassurance.

• Crises and market history
• Risk
• Capital allocation

1 idea from this letter

• Case studyCrises and market history

  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.