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。
Investor Day
【投资者的一天】
During the quarter we hosted our annual Investor Day at Brookfield Place in Manhattan. The event was webcast live and the materials are posted on our website. A quick summary is as follows:
本季度，我们在曼哈顿布鲁克菲尔德广场举办了一年一度的投资者日活动。该活动通过网络直播，相关材料也发布在我们的网站上。简要总结如下:
Brookfield Asset Management’s outlook is strong; global interest rates appear likely to stay low for a while, causing institutional investors to allocate larger amounts of their capital to alternatives. Alternatives are therefore no longer ‘alternative,’ but rather mainstream, and we think they could reach a percentage of 60% of institutional funds in the next 10 years. In addition, asset values in this environment are increasing, as recourse only borrowing is cheaper, leveraged equity returns are higher, and investors’ choices are fewer. Our next round of funds, including credit, should reach $100 billion, and all of this positions us well for the coming several years. As our cash generation continues to grow, we will need to decide if, when, and how to return capital to shareholders.
$Brookfield资管(BAM)$ 前景强劲;全球利率似乎有可能在一段时间内保持在低位，导致机构投资者将更多资金配置到另类投资上。因此，另类投资不再是“另类”，而是主流，我们认为，未来10年，它们在机构基金中所占的比例可能达到60%。此外，在这种环境下，资产价值正在上升，因为只有追索权的借款更便宜，杠杆股权回报更高，投资者的选择更少。我们的下一轮资金，包括信贷，应该达到1000亿美元，所有这些都使我们在未来几年处于有利地位。随着我们的现金产出持续增长，我们需要决定是否、何时以及如何向股东返还资本。
Brookfield Property Partners has transformed itself over the past five years since its spin-off from BAM. In addition, NAV and cash flows have grown at a compound ±10% annually. For various reasons, similar to most real estate securities, this is not reflected (yet) in the stock price, enabling a buyer today to make an investment at an estimated 35% discount to the appraised IFRS value of its underlying assets and a going-in yield of over 6%. This is almost unprecedented for the quality of portfolio that this entity owns. As a result, BPY has been repurchasing units with extra cash while adding value through completion of its significant development program. The opportunities to redevelop retail centers into office, residential, hotel, and other uses are expected to continue for many years, and we have some incredible office projects coming online in the next few quarters. This should enable cash flows to grow at 7% to 9%, and NAV to compound at ±15% for years. At today’s trading price, this is a great opportunity to own this business at a 35% margin of safety to IFRS value.
Brookfield Property Partners从BAM分离出来后，在过去五年里进行了转型。此外，资产净值和现金流每年以±10%的复合增长率增长。与大多数房地产证券类似，由于各种原因，这一点(尚未)反映在股价上，使得今天的买家能够以其基础资产的国际财务报告准则估值的35%折扣进行投资，并获得超过6%的入市收益率。就这家实体拥有的投资组合的质量而言，这几乎是前所未有的。因此，BPY一直在用额外的现金回购单位，同时通过完成其重要的开发项目增加价值。将零售中心重新开发为办公、住宅、酒店和其他用途的机会预计将持续多年，未来几个季度我们将有一些令人难以置信的办公项目上线。这将使现金流以7% - 9%的速度增长，资产净值将以±15%的速度复合多年。以目前的交易价格，这是一个很好的机会，以35%的国际财务报告准则价值的安全边际持有该业务。
Brookfield Infrastructure Partners owns one of the highest quality, most diverse group of utility assets globally. In the 13 years since its spin-off, we have compounded the returns to investors at an annualized 18%. Going forward, with the critical mass to set us apart from most others, we believe we can continue to operate our assets well, dispose of mature ones, and acquire new ones opportunistically to drive 6% to 9% annual cash flow growth. In conjunction with a growing cash distribution, this should drive 12-15% in annualized returns to investors looking forward. These assets are the backbone of the global economy, many of which will continue to exist 100 years from now.
$Brookfield基础设施(BIP)$ 拥有全球最高质量、最多样化的公用事业资产集团之一。在它分拆后的13年里，我们给投资者的复合回报率折合成年率为18%。展望未来，由于我们的临界质量将使我们与大多数其他公司区别开来，我们相信我们可以继续良好地运营我们的资产，处理成熟的资产，并投机地收购新的资产，以推动每年6%至9%的现金流增长。再加上现金分配的增加，这应该会给未来投资者带来12-15%的年化回报。这些资产是全球经济的支柱，其中许多资产将在100年后继续存在。
Brookfield Renewable Partners is one of the largest privately-owned renewable energy entities in the world and has produced a 16% annualized compound return over the past 20 years. We believe that the renewables industry is at an inflection point: wind and solar are now profitable without subsidies, and the push for decarbonization of the electricity grid is substantial. We believe we can continue to grow our cash flows at 5% to 9%—and with the cash distribution, this generates an all-in return to investors of ±15%. In addition, owning one of the largest renewable businesses ensures that we are on the right side of one of the dominant trends in the global economy today.
$Brookfield再生能源(BEP)$ 是世界上最大的私营可再生能源公司之一，在过去20年里，其年化复合回报率为16%。我们认为，可再生能源行业正处于一个拐点:风能和太阳能现在在没有补贴的情况下也能盈利，电网脱碳的推动是巨大的。我们相信，我们可以继续以5% - 9%的速度增长现金流，加上现金分配，这将为投资者带来±15%的全部回报。此外，拥有最大的可再生能源企业之一，确保我们站在当今全球经济的主要趋势之一的正确一边。
Brookfield Business Partners has now reached a critical mass and has acquired some exceptional businesses since its launch. An investor in this entity participates in all the private equity strategies in which we invest for our private clients. Recently we added Clarios, the largest battery provider to the automotive industry; Westinghouse, the leading infrastructure services provider to the nuclear industry; and Healthscope, a leader in private hospitals in Australia. We also sold a facilities management company and an industrial mining business for substantial gains. This entity is focused on achieving NAV growth of ±15% on an annualized basis over time, with substantial upside to the NAV if we successfully execute our plans for these exciting businesses.
Brookfield Business Partners现已达到临界规模，自成立以来已收购了一些出色的企业。该实体的投资者参与我们为私人客户投资的所有私人股本策略。最近，我们收购了汽车行业最大的电池供应商Clarios;领先的核工业基础设施服务提供商西屋电气;以及澳大利亚私立医院的领军企业Healthscope。我们还出售了一个设施管理公司和一个工业采矿业务，获得了可观的收益。随着时间的推移，该实体专注于实现年化NAV±15%的增长，如果我们成功执行这些令人兴奋的业务计划，NAV将有很大的上升空间。
Data Infrastructure
【数据基础设施】
Over the last few years, we have focused on growing our data infrastructure business. Data has been one of the fastest growing commodities in the world, and we expect this to continue for the foreseeable future. This is being driven by several factors, including greater smartphone penetration, increasing video consumption, and the advent of 5G networks. It is also driven by more connected devices everywhere, greater use of artificial intelligence, and other applications that are being developed every day.
在过去的几年里，我们一直专注于增长我们的数据基础设施业务。数据一直是世界上增长最快的商品之一，我们预计在可预见的未来这一趋势将继续下去。这是由几个因素推动的，包括智能手机普及率提高、视频消费增加和5G网络的出现。它还受到越来越多的连接设备、人工智能的更多使用以及每天都在开发的其他应用程序的推动。
We believe strongly that as people, places and objects become increasingly interconnected, the importance and value of data infrastructure assets will continue to grow. Given the ongoing evolution and innovation taking place in the telecom sector, we are looking to partner with telecom owners by investing in and leasing back their infrastructure. The other factor that is helpful to this trend is that the capital required to build out this data infrastructure is far greater than the capital the traditional telecom owners typically have access to within their own financial resources.
我们坚信，随着人、地点和物体之间的联系日益紧密，数据基础设施资产的重要性和价值将继续增长。鉴于电信部门正在进行的发展和创新，我们希望与电信所有者合作，投资和租赁他们的基础设施。促成这一趋势的另一个因素是，建立这种数据基础设施所需的资金远远超过传统电信运营商在其自身财力范围内通常可以获得的资金。
We own the leading independent telecom tower operator in France, with over 7,000 towers and active rooftop sites. More recently, we secured an exclusive agreement to invest into one of the largest privately-owned tower businesses in the world—130,000 telecom towers that support Reliance Jio in India. We have also been acquiring and building out fiber networks. Our U.K. regulated distribution business is deploying fiber-to-the-home networks in new housing developments as part of its multi-utility offering in response to customer demand for faster and more reliable broadband solutions. Meanwhile, our French telecommunications infrastructure business is rolling out four fiber networks to connect over 700,000 households in the next few years as part of the French government’s national broadband plan, and in New Zealand we are deploying 5G technology on our networks.
我们是法国领先的独立电信塔运营商，拥有7000多座电信塔和活跃的屋顶站点。最近，我们获得了一项独家协议，投资世界上最大的私营电信塔企业之一，为印度的Reliance Jio提供13万个电信塔。我们也一直在收购和建设光纤网络。我们在英国受监管的分销业务正在新住宅开发中部署光纤入户网络，作为其多用途服务的一部分，以响应客户对更快、更可靠的宽带解决方案的需求。与此同时，作为法国政府国家宽带计划的一部分，我们的法国电信基础设施业务正在推出四个光纤网络，在未来几年连接70多万户家庭。在新西兰，我们正在我们的网络上部署5G技术。
Lastly, we have been active in acquiring data centers, and now own businesses on three continents. We own a U.S. business that deals with large, blue-chip enterprise customers and the U.S. Federal Government, having acquired it as a carve-out from a major telecommunications company. In South America and Asia-Pacific, where cloud computing is at an earlier stage of adoption, we are building major cloud data centers that are leased to the global technology giants.
最后，我们一直在积极收购数据中心，现在在三大洲都有业务。我们拥有一家美国业务，与大型蓝筹企业客户和美国联邦政府打交道，是从一家大型电信公司剥离出来的。在南美和亚太地区，云计算还处于采用的早期阶段，我们正在建设主要的云数据中心，出租给全球科技巨头。
We think data infrastructure is an exciting area for us, and that it has many decades of growth ahead.
我们认为，对我们来说，数据基础设施是一个令人兴奋的领域，它还有几十年的发展空间。
Global Urbanization
【全球城市化】
By 2050, another two billion people will move into cities globally. A great percentage of these are in emerging countries, but the past 20 years has seen increasing intensification in every large city in the world. This trend affects many businesses in our portfolio—including our office space, residential high-rise, and a number of our infrastructure businesses.
到2050年，全球还将有20亿人搬进城市。其中很大一部分发生在新兴国家，但在过去20年里，世界上每一个大城市的这种现象都在加剧。这一趋势影响了我们投资组合中的许多业务，包括我们的办公空间、住宅高层建筑和一些基础设施业务。
Office space globally has never been more fully occupied. Supply has been relatively constrained in most places, and due to residential demand in cities, many sites that would have been built as office were instead converted to residential use. More importantly, though, many companies that used to move to campuses in the suburbs are moving back into the city. This is for one simple reason: people, old and young, want to enjoy the vibrancy of a great city. As a small example, because of this phenomena, Sydney and Toronto have virtually zero percent commercial vacancy today. Very seldom does this happen in any major city.
全球的办公空间从未像现在这样被充分利用。大多数地方的供应相对有限，由于城市的住宅需求，许多本应作为办公场所的场地被改建成住宅用途。不过，更重要的是，许多过去搬到郊区园区的公司正搬回城市。原因很简单:人们，无论老幼，都想享受大城市的活力。作为一个小例子，由于这种现象，悉尼和多伦多现在几乎没有商业空置率。这种情况在任何大城市都很少发生。
Residential high-rise condominiums (owned by individuals) or apartments (multiple units owned by large investors and rented to individuals) have also increased in scale and value in all major cities. This started because young employees could live relatively inexpensively and close to their offices. Further, due to the success and the build-out of amenities (restaurants, bars, gyms) to service these young residents, older, wealthier people started moving into the city. Instead of downsizing to a small house and living in the suburbs, the empty nesters are now moving to the vibrancy of the cities, with all of their benefits—such as museums, galleries, sports arenas, theatres and concert halls. This trend is accelerating and making cities better, and land and apartments are increasingly valuable.
在所有主要城市，住宅高层公寓(由个人拥有)或公寓(由大投资者拥有并出租给个人的多个单元)的规模和价值都有所增长。这是因为年轻员工的生活成本相对较低，而且离办公室近。此外，由于便利设施(餐厅、酒吧、健身房)的成功和扩建，服务于这些年轻居民，年纪较大、更富有的人开始搬进城市。如今，空巢老人不再住在郊区的小房子里，而是搬到充满活力的城市，享受城市带来的所有好处——比如博物馆、画廊、体育馆、剧院和音乐厅。这一趋势正在加速，使城市变得更好，土地和公寓越来越值钱。
Within our infrastructure business, these factors are leading to increased opportunities for us. Our district cooling and heating business (an outsourced provider to a property) is a beneficiary of increased demand for and subsequent construction of properties. The combination of two mega-trends—environmental sustainability and urbanization—is at the heart of a number of our infrastructure businesses and should enable substantial growth for us in the coming years.
在我们的基础设施业务中，这些因素为我们带来了更多的机会。我们的区域制冷和供暖业务(物业的外包供应商)是物业需求增加和后续建设的受益者。环境可持续性和城市化这两大趋势的结合是我们许多基础设施业务的核心，应该能使我们在未来几年实现大幅增长。