$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
【In Summary 总结】
Everything we do is directed at maximizing shareholder value, and we believe that the most tangible way of accomplishing this is by building our cash flows and thereby increasing our return on invested capital.
我们所做的一切都是为了股东价值最大化，我们相信实现这一目标的最切实的方法是打造我们的现金流，从而提高我们的投资资本回报率。
Our target is to generate a minimum sustainable cash return on common shareholders’ equity of 20% per annum. We plan to achieve this by continually improving the quality of our assets, the sustainability of our cash flows and, as a result, the returns we earn on invested capital.
我们的目标是每年为普通股东权益带来最少20%的可持续现金回报。我们计划通过不断改善我们的资产质量、现金流的可持续性，以及由此获得的投资资本回报来实现这一目标。
We now have three strong operating businesses – real estate, financial and power generation. These three businesses currently generate over 90% of our operating cash flows. But there is still much to do, both in our operating businesses and with our investments in the resource sector.
我们现在有三个强大的运营业务——房地产、金融和发电。这三项业务目前创造了我们超过90%的经营性现金流。但在我们的运营业务和我们在资源部门的投资方面，仍有许多工作要做。
During the coming years, we intend to intensify our efforts to widen our profit margins and enhance operational synergies, and thereby increase the total cash flows generated by each of our businesses.
在未来几年，我们打算加大努力，扩大我们的利润空间，增强运营协同效应，从而增加我们每个业务产生的总现金流。
With strong, strategically positioned business operations and a management team dedicated to the creation of value, we are confident that our shareholders will be well rewarded.
凭借强大的、战略定位的业务运作和致力于创造价值的管理团队，我们有信心我们的股东将获得良好的回报。
【Cash Flow from Operations 经营活动现金流】
Our highest operating priority has been and continues to be to increase and strengthen the long-term sustainability of our operating cash flows.
我们的最高经营优先事项一直是并将继续是增加和加强我们的经营性现金流的长期可持续性。
We are focused on increasing cash flow per share because we believe it is the most important measure of wealth creation. It is also the component of the investment return equation which good managers can influence the most.
我们专注于增加每股现金流，因为我们相信这是财富创造最重要的衡量标准。这也是投资回报方程的组成部分，优秀的经理人可以对其产生最大的影响。
We have confidence that the cash flows we are currently achieving are sustainable. This confidence is derived from the quality of our asset base and the nature of our businesses, such as premier office properties and hydroelectric generating plants, where we have long-term contracts in place producing stable and increasing cash flows.
我们有信心，我们目前实现的现金流是可持续的。这种信心来自于我们资产基础的质量和我们业务的性质，如顶级写字楼物业和水力发电厂，我们有长期合同，产生稳定和不断增长的现金流。
【Return on Capital 资本回报率】
We are constantly assessing each of our operations in relation to the cash returns generated on capital invested.
我们不断评估我们每项业务的现金回报与资本投资的关系。
Our goal is to improve our return on capital employed not only by increasing the cash flow generated by each business, but also by effectively utilizing and carefully allocating capital among our businesses.
我们的目标是提高我们的资本回报率，不仅通过增加每项业务产生的现金流，而且通过有效利用和谨慎配置我们的业务之间的资本。
The diversity of our asset base, together with our access to low cost, non-participating capital, provides us with important competitive advantages for reducing our overall cost of capital. This becomes evident when our cost of capital is compared to most companies conducting business in only one of the industries in which we operate.
我们资产基础的多样性，以及我们获得低成本非参与资本的途径，为我们提供了重要的竞争优势，以降低我们的总体资本成本。当我们将我们的资金成本与大多数只在我们经营的一个行业开展业务的公司进行比较时，这一点就变得很明显。
【Repurchasing Capital 回购资本】
As value steadily builds within our businesses, we found that our shares represent an attractive place to invest capital.
随着我们业务的价值稳步增长，我们发现我们的股票是一个有吸引力的资本投资场所。
During the last two fiscal years, we repurchased over 10 million of our own shares for cancellation. In addition, during the first quarter of 2002 we acquired a further 1.7 million shares. In total, during this period we invested $1.2 billion in repurchasing our shares and equity securities issued by our operating businesses.
在过去的两个财年中，我们回购了超过1000万股自己的股票。此外，在2002年第一季度，我们又收购了170万股。在此期间，我们总共投资了12亿美元，用于回购我们运营业务发行的股票和股本证券。
In addition, management purchased over 6.5 million common shares in 2001. In total, management now owns over 15% of the company. We are committed to, and feel very comfortable, aligning our personal investment capital with our shareholders.
此外，管理层在2001年购买了超过650万股普通股。管理层现在总共拥有超过15%的公司股份。我们致力于将我们的个人投资资本与我们的股东保持一致，并对此感到非常满意。
Utilizing the company’s resources to repurchase capital does not mean we lack exciting investment opportunities to strengthen and grow our businesses. In fact, the opposite is true. We continually strive to find a balance between capturing immediate value through share repurchases and creating long-term value in our operations through the addition of quality assets.
利用公司的资源回购资本并不意味着我们缺乏令人兴奋的投资机会来加强和发展我们的业务。事实上，事实恰恰相反。我们不断努力在通过股份回购获取即时价值和通过增加优质资产在运营中创造长期价值之间找到平衡。
The stringent allocation of capital among competing investment opportunities will remain one of our most important priorities, since we believe that successful businesses are built on getting this balance right. Our goal is to be a leader in this regard.
在相互竞争的投资机会之间严格配置资本，仍将是我们最重要的优先事项之一，因为我们相信，成功的企业建立在正确把握这种平衡的基础上。我们的目标是成为这方面的领导者。
【Operational Objectives 运营目标】
We are determined to improve our cost competitiveness in each of our businesses. This will include add-on acquisitions which augment our cash generation or diversify us into new geographical areas.
我们决心提高我们每项业务的成本竞争力。这将包括附加收购，以增加我们的现金收入或使我们进入新的地理区域。
Acquisition opportunities will all be evaluated based on our value-adding approach to business. At the same time, if opportunities arise to dispose of assets at outstanding value, we will consider taking advantage of them.
所有收购机会都将基于我们的增值业务方法进行评估。同时，如果有机会以优秀的价格卖出资产，我们会考虑利用这些机会。
As we continue to build our three operating businesses and re-engineer our natural resource investments, we will do so with a singular focus – to increase the return on the capital our shareholders have entrusted to our care.
当我们继续建设我们的三个运营业务并重新规划我们的自然资源投资时，我们将以一个单一的焦点来做这些事——提高股东托付给我们的资本回报率。
Finding ways to become better at every-thing we do is fundamental to achieving our value creation objectives. While there is always work to do in this regard, we are well on our way to creating a performance culture where entrepreneurial leaders can thrive and be recognized for the value they add.
想办法在我们所做的每件事上做得更好，是实现我们价值创造目标的基础。虽然在这方面总有工作要做，但我们正在努力创造一种绩效文化，使企业家领袖能够茁壮成长，并因他们所增加的价值而得到认可。
We believe successful companies must take measured risks and be quick to address and learn from setbacks, and our actions will be based on this approach. We may make mistakes, even with the best of intentions. However, we will do all we can to ensure that none of these threaten the viability of your company.
我们认为，成功的公司必须承担适当的风险，迅速应对挫折并从挫折中吸取教训，我们的行动将基于这种方法。我们可能会犯错误，即使是出于好意。然而，我们将尽我们所能确保这些都不会威胁到公司的生存能力。
【2002 and Beyond 2002年及以后】
Each of our operating businesses has the capacity to grow internally. However, we will also actively pursue acquisition opportunities to enhance their growth. As we seek new opportunities, we will be attracted to businesses which have visible streams of cash flow. We do not mind waiting for cash flow growth to materialize, but we do want to be sure that the cash flow will be secure and require little sustaining capital investment – similar to our existing operating businesses.
我们的每一项运营业务都有能力实现内部增长。不过，我们也将积极寻求收购机会，以促进其增长。当我们寻找新的机会时，我们会被那些有明显现金流的企业所吸引。
我们不介意等待现金流的增长，但我们确实希望确保现金流是安全的，并且不需要多少持续的资本投资——类似于我们现有的运营业务。
The management succession plan initiated approximately three years ago is now complete. I feel privileged to be taking over from Jack Cockwell as President and Chief Executive Officer of Brascan at this time. Under Jack’s leadership over the past ten years, Brascan has achieved great success and is now in its strongest position ever, with a solid platform for further growth. Jack will continue to play an important role as Co-Chairman of Brascan and as a key member of our management partnership. 大
约三年前开始的管理层接班计划现已完成。我很荣幸能在这个时候接替杰克·考克威尔担任博枫的总裁兼首席执行官。在过去的十年中，在Jack的领导下，博枫取得了巨大的成功，现在处于历史上最强大的地位，为进一步的发展提供了坚实的平台。Jack将继续作为博枫的联合主席和我们管理伙伴关系的关键成员发挥重要作用。
And finally, we want to emphasize our commitment to invest your capital prudently and wisely. Our goal is to continue to invest in high quality assets generating sustainable cash flows with the goal of increasing the returns on the capital you have entrusted to us to manage.
最后，我们要强调的是，我们承诺谨慎、明智地投资您的资金。我们的目标是继续投资于高质量资产，产生可持续的现金流，以提高您委托我们管理的资本的回报。
We cannot guarantee the future, but we do believe we have laid the foundations for achieving improved returns for you.
我们不能保证未来，但我们相信我们已经为您实现更高的回报奠定了基础。