$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
Global Interest Rates and Real Asset Returns
【全球利率与实物资产的回报率】
We have been living through the lowest interest rates experienced in living memory. This has allowed governments, corporations and individuals to slowly work through debt issues that would otherwise have resulted in a broader and more extensive financial correction.
我们经历了人们记忆中最低的利率。这使得政府、企业和个人能够慢慢解决债务问题，否则这些问题将导致更广泛、更广泛的金融调整。
The resultant low level of interest rates should continue for a number of years, but eventually this presents one of the greatest investment risks for global investors. In short, the risk reflects the fact that when interest rates increase in the future, all assets which are long-tailed in nature will have their perceived values adjusted downward.
由此导致的低利率水平应该会持续数年，但这最终会给全球投资者带来最大的投资风险之一。简而言之，这种风险反映了这样一个事实: 当未来利率上升时，所有长尾资产的感知价值都将向下调整。
However, our portfolio is different. Because of the real return nature of the assets we own, within a relatively short period of time, our portfolio will earn back the adjustments as the rate of growth in the underlying cash flows increases due to economic expansion and the inflationary pressures that will give rise to the increase in interest rates.
然而，我们的投资组合是不同的。由于我们所拥有资产的实际回报性质，在相对较短的时间内，我们的投资组合将赚回这些向下的调整，因为导致利率上升的经济扩张和通胀压力也会导致底层现金流的增长率上升。
As a result, we believe real assets will protect against long-term interest rate increases, and will outperform asset classes such as government bonds.
因此，我们认为，实物资产将抵御长期利率上升的影响，并将跑赢政府债券等资产类别。
Real assets generate cash on an annual basis, and the cash flow from premium assets generally increases over time so that the capitalized value of this cash flow stream becomes even greater. This real return protection is particularly valuable in periods of sustained inflation.
实物资产每年产生现金，来自优质资产的现金流通常会随着时间的推移而增加，因此现金流的资本化价值会变得更大。这种实际回报保护在持续通胀时期尤其有价值。
Furthermore, we believe that the capitalized values of real assets today are not reflective of the low interest rates due to the expanded risk premiums which currently exist, among other factors, and therefore the first 2% to 3% of increases in long-term interest rates will have virtually no affect on values for real assets.
此外，我们认为，因为目前存在的扩大的风险溢价（以及其他因素），当前实物资产的资本化价值并不能反映低利率，；因此，前2%至3%的长期利率上升对实物资产的价值将几乎没有影响。
Nonetheless, we continue to utilize this environment to fix the long-term financing of our real assets at historically low interest rates, thus further protecting current values and enhancing real returns if interest rates rise.
尽管如此，我们仍将继续利用这种环境，以历史上最低的利率为我们的实物资产进行长期固定利率融资，从而进一步保护当前价值，并在利率上升时提高实际回报。
【The Next 10 Years 未来10年】
Most management teams have a high estimate of the value of the assets they are responsible for managing. This is usually because they are emotionally attached to the business, but also because they exercise control over achieving the plans. Furthermore, as they work in the business daily, they usually have access to more information and therefore understand the long- term potential of the business.
大多数管理团队都对他们负责管理的资产的价值有很高的估算。这通常是因为他们对企业有感情，但也因为他们对实现计划有控制权。此外，由于他们每天都在业务中工作，他们通常可以获得更多的信息，因此了解业务的长期潜力。
With the above proviso, we estimate that the underlying value of our business is conservatively valued today at approximately $41.00 per share, although we suspect that if assets were sold judiciously over a period of time, values in excess of this could be achieved, and after taxation would result in distributions of at least that amount.
考虑到在上述限制，我们估计，目前我们业务的潜在价值保守估计约为每股41.00美元，尽管我们怀疑，如果在一段时间内明智地出售资产，可以实现超过这一价值，并且税后将导致至少该金额的分配。
This takes into account our IFRS valuations, adjustments to businesses that are not valued under IFRS, premiums for control, and a value for our asset management business and other operations we own.
这将考虑到我们的国际财务报告准则估值、对不按照国际财务报告准则估值的业务的调整、控制权溢价以及我们的资产管理业务和我们拥有的其他业务的价值。
To be clear, we have no intention of liquidating the company in this fashion as we believe this would be a poor long-term decision for shareholders and would undervalue the overall franchise built up in the company. Instead, we intend to continue building the business and expect that over five to seven years, the value of the company will compound at values in the range of at least 12% per share starting with today’s intrinsic value.
需要明确的是，我们无意以这种方式清算公司，因为我们认为这对股东来说将是一个糟糕的长期决定，并将低估公司建立的整体平台。相反，我们打算继续发展业务，并预计在五到七年的时间里，公司的价值将以今天的内在价值为起点，以至少12%的速度复利每股价值。
Compared to alternatives, we believe this offers shareholders an excellent risk-adjusted investment. The value we are creating results from increases in cash flow on our core assets, the hard work by our 23,000 operating people, and our asset management operations ultimately being valued on a multiple of cash flow traditionally accorded to these types of well-established franchises.
与其他选择相比，我们认为这为股东提供了一个考虑风险后极好的投资机会。我们创造的价值来自于我们核心资产现金流的增加，我们2.3万名运营人员的辛勤工作，以及我们资产管理业务最终的估值（传统上这些类型的成熟平台的现金流估值倍数）。
Lastly, and maybe most importantly, in five to 10 years we believe that our asset management operations will mature to a point that if its intrinsic value is not reflected in the share price, we will be able to separate this business from our real assets to ensure the values are surfaced.
最后，也许也是最重要的一点，我们相信，在5到10年内，我们的资产管理业务将会成熟到这样一个程度:如果其内在价值没有反映在股价上，我们将能够将这项业务从我们的实物资产中分离出来，以确保其价值浮出水面。
Of course, this value may be recognized in the stock market as more investors better understand our strategies, but we will always have the option to take steps to sell assets and repurchase shares, or spin-off assets to shareholders in order to surface value.
当然，随着越来越多的投资者更好地理解我们的战略，这种价值可能会在股票市场上得到认可，但我们总是可以选择采取措施出售资产和回购股票，或将资产分拆给股东，以获得价值实现。
Structure of our Organization
【我们的组织架构】
One significant step towards maximizing our business flexibility was the launch of our publicly traded flagship infrastructure and renewable power companies, over the past five years.
在过去五年中，我们推出了上市的旗舰基础设施和可再生能源公司，这是实现我们业务灵活性最大化的重要一步。
The first step was the listing of Brookfield Infrastructure in 2008. The second step was the merger of our power operations into our recently launched Brookfield Renewable Energy Partners, completed in 2011.
第一步是2008年$Brookfield基础设施(BIP)$ 的上市。第二步是将我们的电力业务合并到我们最近成立的$Brookfield再生能源(BEP)$ ，该公司于2011年完成。
The next step, expected in 2012, if we can achieve it, would be the launch of a similar flagship public entity for our property group, which is currently one of the largest diversified real estate businesses in the world. If launched, this entity would likely be created through the partial spin-off of shares of our currently 100% owned property group to our shareholders, as we did with Brookfield Infrastructure in 2008.
下一步，如果我们能够实现，预计在2012年，将为我们的房地产集团推出一个类似的旗舰上市实体。目前，我们的房地产集团是全球最大的多元化房地产企业之一。如果启动，这个实体可能会通过将我们目前100%拥有的房地产集团的部分股份分拆给我们的股东来创建，就像我们在2008年对BIP所做的那样。
Like our other two flagship entities, this entity would have a mandate to expand globally, be managed by us and have a strong dividend payout policy. As with the others, we would retain a very meaningful investment in this business.
与我们的其他两个旗舰实体一样，这个实体将被授权进行全球扩张，由我们管理，并有强有力的股息支付政策。与其他公司一样，我们将在这项业务上保留非常有意义的投资。
And, while it is possible that our flagship property entity, like Brookfield Infrastructure, will take time to find a base of global income and growth oriented investors who wish to be our partners, we expect that its global profile and asset values will enable the company to take advantage of both scale and global diversity to enhance capital allocation decisions and therefore returns for its shareholders.
虽然我们的旗舰房地产实体，如BIP一样，可能需要时间来寻找一个收入和增长导向的全球投资者群体成为我们的合作伙伴，但我们预计，其全球形象和资产价值将使公司能够利用规模和全球多样性的优势，提高资本投入决策，从而为股东带来回报。
Once the full re-alignment is completed, and with our flagship private funds working in conjunction with these sector specific listed entities, we believe that we will have created a global asset manager with access to long-term capital that few will rival.
一旦全面重组完成，加上我们的旗舰私人基金与这些特定行业的上市实体合作，我们相信，我们将创建一家全球资产管理公司，拥有很少有人能匹敌的长期资本。
This competitive advantage of structure and scale, our operating knowledge from our business platforms, and our mindset of longer term capital returns should provide us with the ability to deliver top tier returns to you, as well as our investment partners on a consistent basis.
这种结构和规模的竞争优势，我们从业务平台获得的运营知识，以及我们长期资本回报的心态，应该使我们有能力为您以及我们的投资伙伴提供持续的顶级回报。
Earnings Capacity and Dividends
【盈利能力和股息】
We have approximately $26 billion of shareholder equity capital, which over time should earn an all-in compound return close to 15%. After costs and allowances for margin of error, we believe that we can compound our equity at 12% over the longer term. This enables us to earn for shareholders approximately $3 billion annually or about $4.60 per share, which will continue to grow over time as a result of compounding.
我们拥有约260亿美元的股东权益资本，随着时间的推移，总复合回报率将接近15%。扣除成本和考虑到一定的预测误差，我们相信，长期来看，我们的股本可以达到12%的复利增长速度。这使我们能够为股东每年赚取约30亿美元，或每股约4.60美元，而且这将随着时间的推移作为复利的结果继续增长。
Of the $3 billion, about $1.25 billion is cash flow generated from the assets. The balance of $1.75 billion represents the intrinsic value that builds within the assets over time and is recognized as cash when we monetize assets either through sale, refinancing or other forms of monetization such as taking a company public and reducing our interests.
在这30亿美元中，约12.5亿美元是由这些资产产生的现金流。剩余的17.5亿美元是随着时间推移在资产中积累的内在价值，当我们通过出售、再融资或其他货币化形式(如将公司上市和减持我们的权益) 将资产变现时，这些价值被确认为现金。
In addition, some of this wealth creation is recognized each year through our income statement or equity statement, as value is recognized under IFRS accounting, or otherwise marked to market. For example, in 2011 we generated a 14% return or $5.33 per share, approximately 28% from cash flows received and 72% from asset appreciation.
此外，其中一些财富创造每年通过我们的损益表或权益表确认，因为价值是根据国际财务报告准则会计确认的，或以其他方式按市价计价。例如，2011年我们创造了14%的回报，即每股5.33美元，其中约28%来自现金流，72%来自资产增值。
We use a portion of the value created annually to distribute dividends to you. This year we are increasing our annual dividend by four cents per share, bringing the dividend to 14 cents per quarter or 56 cents on an annualized basis. This increase reflects the resumption of our policy from years ago of increasing the distributions over time by an amount that corresponds to the growth in cash flow generated from the business, while ensuring we retain sufficient capital to build our equity base, and maintain strong investment grade ratings.
我们将每年创造的价值的一部分分配股息给你们。今年，我们将把年度股息每股增加4美分，使股息达到每季度14美分（年化56美分）。这一增长反映了我们多年前的政策的恢复，即随着时间的推移，按照业务产生的现金流增长增加派息，同时确保我们保留足够的资金来增强我们的股权基础，并保持强劲的投资级信用评级。
We have the capacity to pay larger dividends over time, although generally we believe that re-investment back into our four major businesses is more accretive to long-term shareholder returns than payment of substantially higher dividends.
随着时间的推移，我们有能力支付更高的股息，尽管我们通常认为，对我们四大业务的再投资比支付大幅提高的股息更能增加股东的长期回报。
We currently distribute about $350 million annually to you as shareholder dividends and believe this proportion is appropriate for a long-term business such as ours, where growth relies on having capital available to capitalize on opportunities as they arise, and especially when others do not have the same access to funding.
目前，我们每年向你们派发约3.5亿美元的股东红利。我们相信，这一比例适用于像我们这样的长期业务，因为我们的增长依赖于在机会出现时拥有可用的资金，特别是当其他公司无法获得同样的资金时。
Our acquisitions in 2009-2010 of General Growth Properties and Babcock & Brown Infrastructure and recent purchases of defaulted loan portfolios and other assets from European corporations, illustrate why having strength to act when others cannot, generally leads to exceptional returns.
我们在2009-2010年收购了General Growth Properties和Babcock & Brown Infrastructure，最近又从欧洲公司购买了违约贷款组合和其他资产，这些都说明了为什么在别人无能为力时有能力采取行动，通常会带来非同寻常的回报。