主要是预期利润增速比$黑石集团(BX)$ 快和持续。

$Brookfield资管(BAM)$ 的优势业务恰好集中在近期募资前景较好的领域（基础设施、清洁能源、信贷）。

而黑石最近几年的增长主要依赖BREIT这个产品爆发性募资带来的FRE，以及成长型投资（比如科技公司）在过去两年成长股牛市带来的Carry，这些的持续性都有一定疑问。

Goldman Sachs analyst Alexander Blostein:

"We view BAM as one of the largest global Alternative Asset Managers ($400B in fee-paying AUM), with an outsized exposure to some of the fastest growing parts of the market, including Infrastructure, Clean Energy, and Credit — collectively 63% of 2022E management fees.

The company's global footprint and scale should drive further benefits as limited partners continue to consolidate relationships with fewer managers."As a result, we expect BAM to drive a robust 20%+ earnings growth CAGR through 2024.

We see growth supported by its fundraising in real estate, transition, and infrastructure at an accelerated pace, healthy deployment and fundraising in credit, horizontal product expansion across its main asset classes, and margin expansion."

最近几年控股公司有折价正常 以后不清楚

Bruce又接受采访了：网页链接

垃圾股

BMO给$Brookfield资管(BAM)$ 目标价是32，给$布鲁克菲尔德(BN)$ 目标价49，这是一边倒地更看好母公司。
高盛相对看好$Brookfield资管(BAM)$ ，给40的目标价（对应650亿美元市值）。等几天看他们会给BN什么价格。

有没有可能 都错了？

多空套利 无风险收益？

都是对的，BN有控股型公司折价

coupon虽高但没用，因为是callable，哪天它不缺钱了，call了就是

$布鲁克菲尔德资产管理(BN)$ 新发行的2032年12月到期的加币债券，10亿加币，利率5.43%。
加拿大10年期国债利率现在是2.92%（比美国的3.61%低69 bps）。

三大信用评级机构给BN的评级都是A-。
The notes are expected to be assigned a credit rating of A- by Standard & Poor’s, A- by Fitch, A3 by Moody’s and A (low) by DBRS.

shareoustanding是不是不对？bam bn这种股权结构复杂的经常网站数据有问题