$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
为节省精力，用有道机器翻译的，有很多词不达意的地方，所以都附上中英对照。
Brookfield or Brookfield or Brookfield?
【博枫，博枫，还是博枫】
We are often asked by investors which Brookfield stock they should own – BAM or one of our four listed partnerships. While it sounds self-serving, we recommend “all of them,” because while each carries the Brookfield brand and owns and operates high-quality businesses, each one is different and has a specific goal of being best in class in their specific area of expertise – asset management, real estate, renewable power, infrastructure or private equity.
经常有投资者问我们应该持有哪只Brookfield的股票——BAM还是我们四家上市合伙企业中的一家。虽然这听起来是自私自利，但我们推荐“所有公司”，因为虽然每家公司都拥有布鲁克菲尔德品牌，拥有并运营着高质量的业务，但每家公司都各不相同，并有一个特定的目标，即在其特定的专业领域——资产管理、房地产、可再生能源、基础设施或私募股权——成为一流的公司。
Of course, BAM is a significant owner of each of our listed partnerships, benefiting from their cash flows and value creation, but is focused and driven by our asset management business. It is though notable that our franchise is differentiated in the asset management industry by the scale and growth potential of these best-in-class listed partnerships which are managed by us in the same way as we manage our private funds for private investors. Furthermore, with very large ownership stakes in each partnership, we are incented to ensure each creates long-term value because as each of our entities does well, and trades well, this translates into further value creation for BAM.
当然，BAM是我们每一个上市合作伙伴的重要所有者，受益于他们的现金流和价值创造，但我们的重点和驱动是资产管理业务。值得注意的是，这些一流上市合伙企业的规模和增长潜力与我们为私人投资者管理私人基金的方式相同，因此我们在资产管理行业的专营权有所不同。此外，由于在每个合作伙伴关系中都拥有大量的股权，我们有动力确保每个合作伙伴都创造长期价值，因为我们的每个实体都做得很好，交易很好，这就转化为BAM的进一步价值创造。
The commonality of our entities is that all share the same disciplined investment approach, respect for capital, and access to our global operating platform and relationships. These characteristics have stood us well for a long time.
我们所有实体的共同之处在于，它们都采用同样严格的投资方式，尊重资本，并使用我们的全球运营平台和关系。这些特点长期以来对我们很有帮助。
Brookfield Property Partners (BPY) is a premier, diversified commercial real estate portfolio featuring some of the world’s premier properties. This is a portfolio that is well leased to high credit-quality tenants, generating stable, sustainable cash flows. The business features significant organic growth through an active development and redevelopment pipeline, in which the company leverages its multi-sector expertise. Investment returns are supplemented by BPY’s participation in Brookfield-sponsored real estate opportunity funds, which invest in high-quality assets that are mispriced or feature significant operational upside across various property sectors, such as logistics, multifamily and self-storage.
Brookfield Property Partners (BPY)是一家领先的多元化商业地产投资组合，拥有一些世界一流的物业。这个投资组合很好地租给了高信用质量的租户，产生了稳定、可持续的现金流。该业务通过积极的发展和再开发渠道实现显著的有机增长，公司充分利用其多部门专长。BPY还参与了brookfield赞助的房地产机会基金，该基金投资于高质量的资产，这些资产被错误定价，或在各个房地产行业具有显著的运营上行，如物流、多户和自储。
Brookfield Infrastructure Partners (BIP) owns high-quality infrastructure assets that are the backbone of the global economy. Infrastructure cash flows are supported by regulated and long-term contractual frameworks and typically their cash flows are linked to inflation and/or global growth. The opportunity set in the business is very substantial as governments and corporations outsource their infrastructure investment to entities specialized in managing these types of assets. BIP is positioned with an investment-grade balance sheet, and irreplaceable assets on five continents across four sectors; energy, transportation, utilities and data.
$Brookfield基础设施(BIP)$ 拥有高质量的基础设施资产，是全球经济的支柱。基础设施现金流由受管制的长期合同框架支持，其现金流通常与通胀和/或全球增长有关。随着政府和企业将基础设施投资外包给专门管理这些类型资产的实体，该业务的机会非常大。BIP的资产负债表为投资级，在五大洲的四个行业拥有不可替代的资产;能源、交通、公用事业和数据。
Brookfield Renewable Partners (BEP) is one of the largest pure-play renewable power businesses globally, offering exposure to decarbonized energy, at a time when the global power grid is transforming from fossil fuels to renewables. BEP has 100+ years of experience in power generation, with over 17,000 megawatts of hydro, wind, solar, distributed generation and storage capacity across four continents. Over 75% of the generation is from hydro, leading to long-term cash flows with minimal annual re-investment.
$Brookfield再生能源(BEP)$ 是全球最大的纯可再生能源企业之一，在全球电网从化石燃料向可再生能源转型之际，提供脱碳能源。BEP拥有超过100年的发电经验，在四大洲拥有超过17000兆瓦的水力、风能、太阳能、分布式发电和存储能力。超过75%的发电量来自水力发电，以最小的年再投资带来了长期的现金流。
Brookfield Business Partners (BBU) offers a unique opportunity to invest publicly in private equity investments. BBU invests in businesses with high barriers to entry, low production costs and those with the potential to benefit from Brookfield’s global operating expertise. BBU has the flexibility to invest in any form (debt, equity, public, private) and across industries, enabling investment flexibility for when we find “good businesses” in times of market dislocation.
Brookfield Business Partners (BBU)提供了一个独特的公开投资私募股权投资的机会。BBU投资于进入壁垒高、生产成本低以及有潜力从Brookfield的全球运营专业知识中受益的业务。BBU具有投资任何形式(债务、股权、公共、私人)和跨行业的灵活性，使我们能够在市场混乱时期找到“好企业”的投资灵活性。
While each of our five securities is different, they are all investments that we expect will generate significant value creation over the long term. We hope that at least one of them will suit your investment needs, but we think all of them can belong in a well-diversified portfolio of investments.
虽然我们的五种证券各不相同，但它们都是我们期望在长期内产生重大价值创造的投资。我们希望它们中至少有一种能满足您的投资需求，但我们认为它们都可以属于一个多样化的投资组合。
The 50-Year Infrastructure Runway
【50年基础设施跑道】
We are in the early stages of the bulk of the infrastructure backbone of the global economy being transferred into private hands from the public sector. We believe that this will translate into an opportunity of many tens of trillions of dollars over the next 50 years for the private sector.
我们正处于全球经济的大部分基础设施支柱从公共部门转移到私人手中的早期阶段。我们相信，这将在未来50年为私营部门带来数万亿美元的机会。
There are a number of reasons for this shift from the public to private sector, but we think there are three main reasons. The first is that governments are highly indebted; despite this, they still need to keep up with both investment of capital into new infrastructure in the developing world, as well as the maintenance of old infrastructure in the developed world. The second is that private enterprise has proven to be far more efficient at building new infrastructure, as well as operating that infrastructure, than the public sector. The third is that interest rates are very low(ish) by historical standards and are expected to be that way for the foreseeable future. As a result, institutions need something to replace fixed income allocations in their portfolios that has low risk but reasonable returns. Infrastructure is part of the solution.
这种从公共部门到私营部门的转变有很多原因，但我们认为主要有三个原因。首先，政府负债累累;尽管如此，它们仍然需要跟上发展中国家对新基础设施的资本投资，以及发达国家对旧基础设施的维护。第二，事实证明，在建设和运营新基础设施方面，私营企业的效率远远高于公共部门。第三，以历史标准衡量，利率处于非常低的水平，预计在可预见的未来仍将如此。因此，机构需要一些东西来取代其投资组合中风险低但回报合理的固定收益配置。基础设施是解决方案的一部分。
As a result, we expect that over the next 50 years there will be both a very large supply of capital for projects, and very large demand by governments for infrastructure capital. Our goal is to continue to build our reputation for fair dealing, good stewardship, and astute investing, to the benefit of the governments/ companies we deal with, the communities that these infrastructure assets serve, and those we invest on behalf of.
因此，我们预计，在未来50年里，项目资金供应将非常大，政府对基础设施资金的需求也将非常大。我们的目标是继续建立我们在公平交易、良好管理和精明投资方面的声誉，使我们与之打交道的政府/公司、这些基础设施资产服务的社区以及我们所代表的那些人受益。
Our most recent flagship infrastructure fund is $14 billion and is now over 85% invested or committed. As such, we are now raising the successor private fund. On our existing fund, we do not believe we have compromised our returns to put capital to work, and therefore we see no reason that our next fund will not be significantly larger than the last.
我们最新的旗舰基础设施基金为140亿美元，目前已投资或承诺超过85%。因此，我们现在正在筹集后续的私人基金。就我们现有的基金而言，我们认为我们不会为了投入资金而损害我们的回报，因此我们没有理由认为我们的下一只基金不会比上一只大得多。
We are often asked why we do not have the same issues that some public equity managers have investing funds as they grow larger. The difference is that infrastructure (as well as real estate and private equity) usually becomes more attractive as investments get larger. The competition for larger acquisitions is less and the sophistication required to operate these assets increases because of their complexity, therefore favoring large and experienced managers. Lastly, the larger assets acquired are generally also higher quality – they often have better counterparties, and stronger management teams. As a result we believe that our infrastructure business can scale to many times the size it is today.
我们经常被问到，为什么我们没有一些公共股本管理公司在发展壮大时拥有的投资基金所面临的问题。不同的是，基础设施(以及房地产和私募股权)通常会随着投资规模的扩大而变得更有吸引力。大型收购的竞争减少了，而且由于资产的复杂性，运营这些资产所需的复杂性增加了，因此有利于大型和有经验的经理人。最后，收购的大型资产通常质量也更高——它们往往拥有更好的交易对手和更强大的管理团队。因此，我们相信我们的基础设施业务可以扩大到今天的许多倍。
Alternatives Cannot be Replaced by ETFs
【ETF不能替代另类投资产品】
Allocations to private investments (real estate, infrastructure and private equity) in the institutional investment market are circa 20% and look to double over the coming decades. Most institutional investors we deal with are increasing overall allocations to real estate, infrastructure and private equity through fund allocations, co‑investments, or direct investments. As a result, we are in the midst of vast sums of capital being allocated to these areas and this should continue for many years to come.
在机构投资市场中，私人投资(房地产、基础设施和私募股权)的比例约为20%，未来几十年有望翻一番。我们接触的大多数机构投资者都在通过基金配置、共同投资或直接投资增加对房地产、基础设施和私募股权的总体配置。因此，我们正处于大量资金被分配到这些领域的过程中，这种情况将在未来许多年持续下去。
This is due, in part, to the fact that traditional fixed income investments today do not generate enough yield to support the returns needed by institutional funds. Equally important is the desire to shed the historic volatility in public market assets that these institutions have traditionally had by holding liquid traded investments. In summary, alternative assets have been and will increasingly become the new fixed income component in most institutional portfolios.
这在一定程度上是因为，传统的固定收益投资如今产生的收益率不足以支撑机构基金所需的回报率。同样重要的是，这些机构希望通过持有具有流动性的交易型投资，摆脱公开市场资产的历史性波动。总之，另类资产已经并将日益成为大多数机构投资组合中新的固定收益组成部分。
Another major trend affecting the financial markets is that large sums of capital are being allocated from active public equity mandates towards passive strategies (through ETF’s and other means). This shift is being driven by passive products offering low, sometimes no, fee alternatives and the perception (rightly or wrongly) that the returns, after fees, on passive funds can match or exceed those of active public market equity strategies.
另一个影响金融市场的主要趋势是，大量资本正从主动的公共股票委托分配到被动策略(通过ETF和其他手段)。推动这种转变的原因是，被动型产品提供收费较低(有时甚至不收费)的替代产品，以及人们(无论对错)认为，扣除费用后，被动型基金的回报可以与主动公开市场股票策略的回报相当或超过后者。
In the face of this pressure on active mandates, private investing continues to grow rapidly – for many reasons, but primarily because private asset investing simply cannot be done passively. The good news is that ETF’s cannot replace what we do! More specifically, it takes a lot of time and skill to acquire assets, and a lot of time, expertise and effort to operate and optimize these types of assets.
面对这种主动委托的压力，私人投资继续快速增长——原因有很多，但主要是因为私人资产投资根本不能被动进行。好消息是ETF不能取代我们所做的!更具体地说，它需要大量的时间和技能来获取资产，以及大量的时间、专业知识和精力来操作和优化这些类型的资产。
We believe that the current market environment will exist into the foreseeable future and that this backdrop will therefore enable quality private managers of assets to continue to grow. Furthermore, within this group of managers, we believe we are particularly well positioned, with three main competitive advantages in which we have invested decades establishing. The first is our scale; the capital we have available is in excess of that of most others. The second is our global platform: we have a presence in 30 countries over many years. And the third is our culture and operating capabilities: this is exemplified by our 100,000 operating team members around the world. These attributes define Brookfield and we attempt to continuously use one or more of these differentiators in everything we do.
我们相信，在可预见的未来，目前的市场环境仍将存在，因此，这一背景将使优质的私人资产管理公司继续增长。此外，在这一管理团队中，我们相信自己处于特别有利的位置，我们投入数十年建立了三个主要竞争优势。首先是我们的规模;我们的可用资金比大多数其他公司都多。第二是我们的全球平台:多年来，我们在30个国家都有业务。第三是我们的文化和运营能力:我们在世界各地的10万名运营团队成员就是例证。这些属性定义了Brookfield，我们尝试在我们所做的每一件事中持续使用这些差异中的一个或多个。