$Brookfield资管(BAM)$ 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。
【Investment Process 投资过程】
Our goal is to generate consistent long-term investment returns for our clients. To meet that objective, our approach to investing attempts to focus on utilizing our strengths as a company in order to ensure we have a competitive advantage when investing capital. We believe these competitive advantages to consist of (i) size and access to capital, (ii) our extensive global operating platforms and people, and (iii) our longer-term investment horizon and disciplined approach to investing developed over the years. In particular, we believe this investment process allows us to be successful owners and operators of real assets despite the fact that the company has grown substantially over the past 20 years.
我们的目标是为客户创造持续的长期投资回报。为了实现这一目标，我们的投资方法试图集中利用我们作为一家公司的优势，以确保我们在投资资本时具有竞争优势。
我们相信这些竞争优势包括:
(i)规模和资金来源，
(ii)我们广泛的全球运营平台和人员，以及
(iii)我们长期的投资视野和多年来形成的有纪律的投资方式。
特别是，我们相信这一投资过程使我们能够成为成功的所有者和实际资产的运营商，尽管公司在过去20年里大幅增长。
Our investment process relies on a team approach that brings together the skills of our investment professionals and our operating teams in developing investment opportunities, executing transactions and running the businesses we acquire. We believe that we enjoy a competitive advantage as asset managers, due in part to the depth of our operating teams, many of whom have worked together for decades. These teams are in turn overseen by our investment professionals, who can draw on their expertise in capital markets and years of experience in each of these businesses.
我们的投资过程依赖于团队方式，将我们的投资专业人员和我们的运营团队在开发投资机会、执行交易和运营我们收购的业务方面的技能结合在一起。我们相信，作为资产管理公司，我们享有竞争优势，部分原因是我们运营团队的深度，其中许多人已经一起工作了几十年。这些团队由我们的投资专业人士监督，他们可以利用他们在资本市场的专业知识和在每个业务领域的多年经验。
Over the past few years, this approach to investing was put to work in various distressed real estate and infrastructure investments, and more recently in Europe, where our initial thesis was that companies would need to dispose of assets to recapitalize their balance sheets. We moved senior executives to Europe, where they identified owners and operators and worked hard at building relationships. These relationships resulted in a series of negotiated transactions, most of which featured European companies re-focusing on their home market by selling us their assets in other markets.
在过去的几年里，这种投资方式在各种陷入困境的房地产和基础设施投资中发挥了作用，最近在欧洲，我们最初的论点是，公司将需要处理资产以调整其资产负债表。我们把高管调到欧洲，他们在那里确定所有者和运营商，并努力建立关系。这些关系促成了一系列经过协商的交易，其中多数交易的特点是，欧洲公司通过向我们出售其在其他市场的资产，重新专注于本国市场。
Our recent investments also highlight the fact that we attempt to be contrarian in our approach to investing, which means we often find ourselves acquiring businesses during periods of economic distress. Our belief is that our value-based investment approach allows us to purchase assets at a discount to their replacement cost, building a margin of safety into our acquisitions, while our operating expertise gives us the ability to underwrite decisions when assets and capital structures are more fluid than many organizations are able to work with.
我们最近的投资也凸显了一个事实，那就是我们试图在投资方式上做逆向投资，这意味着我们经常发现自己在经济低迷时期收购企业。我们的信念是，我们基于价值的投资方法允许我们以低于重置成本的价格购买资产，为我们的收购建立一个安全边际，同时我们的运营专业知识使我们能够在资产和资本结构比许多组织能够处理的更灵活的情况下担保决策。
【Power Group 电力集团】
The financial performance of our power group was weak as a result of extremely low water levels and electricity prices that reflected low natural gas prices during the year. Generation totalled 15,821 gigawatt hours, which was 13% below plan. However, total assets under management increased to $19 billion as we are capitalizing on this low price environment to expand the portfolio. We are currently investing capital through Brookfield Renewable Energy Partners and a private institutional fund. 我们电力集团的财务业绩疲弱，因为在这一年中，极低的水位和反映天然气价格低的电价。发电量总计15821千兆瓦时，比计划低13%。然而，我们管理的总资产增加到190亿美元，因为我们正在利用低价格环境扩大投资组合。我们目前正在通过Brookfield可再生能源合作伙伴和一家私人机构基金进行投资。
We own one of the world’s largest renewable power operations, and our ability to undertake large time-consuming transactions makes us a preferred partner for industrial companies and utilities that seek to sell their power assets. We committed to invest $2 billion in new acquisitions in 2012, adding 1,000 megawatts of power to our operations. This included two major acquisitions: 378 megawatts of plants from Alcoa and 351 megawatts from NextEra.
我们拥有世界上最大的可再生能源业务之一，我们承担大型耗时交易的能力使我们成为寻求出售其电力资产的工业公司和公用事业公司的首选合作伙伴。我们承诺在2012年投资20亿美元进行新的收购，为我们的业务增加1000兆瓦的电力。其中包括两项重大收购:从美国铝业(Alcoa)收购378兆瓦的电厂，从NextEra收购351兆瓦的电厂。
The Alcoa transaction included four facilities in the southeastern U.S. which formerly powered aluminum smelters. The NextEra transaction, when completed, will include 19 facilities in Maine on rivers where we already operate, and came about because this highly-rated large utility was refocusing on their core business. We believe both acquisitions will be strong performers over the longer term and they increased our total installed capacity of renewable energy to more than 5,000 megawatts.
美国铝业的交易包括美国东南部的四家工厂，这些工厂以前是为炼铝厂提供动力的。NextEra的交易完成后，将包括我们在缅因州江河上运营的19个设施，这是因为这家高评级的大型公用事业公司正在重新专注于他们的核心业务。我们相信，从长期来看，这两笔收购将是强劲的表现，它们将使我们的可再生能源总装机容量增加到5000兆瓦以上。
During the year we continued construction on three new hydro projects in Canada and Brazil, and acquired a number of smaller facilities.
在这一年里，我们继续在加拿大和巴西建设三个新的水电项目，并收购了一些较小的设施。
Brookfield Renewable has flourished since it was established in 2011 as a listed company and the stock price increased 27% since then. We are currently working on a dual listing of this business on the NYSE, and expect to complete this in the first quarter of 2013.
$Brookfield再生能源(BEP)$ 自2011年作为上市公司成立以来一直蓬勃发展，股价自那以来上涨了27%。我们目前正致力于在纽约证券交易所的双重上市，预计在2013年第一季度完成。