$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
【Our Principles of Investment 我们的投资原则】
【GUIDELINES 的指导方针】
• Invest in areas where we possess a competitive advantage and never bet the company on any one acquisition.
投资于我们拥有竞争优势的领域，永远不要把公司押在任何一个收购上。
• Acquire assets on a value basis with a goal of maximizing return on capital.
以资本回报最大化为目标，以价值为基础收购资产。
• Build sustainable cash flows to provide certainty, reduce risk and lower the cost of capital.
建立可持续的现金流，以提供确定性，降低风险和降低资金成本。
• Recognize that superior returns involve hard work and often require contrarian thinking.
要认识到高回报需要努力工作，而且通常需要逆向思维。
【MEASUREMENT OF OUR SUCCESS 衡量我们的成功】
• Measure success over the long term by total return on capital on a per share basis, including both annual cash flows and the increase in net asset values.
衡量长期成功与否的标准是每股总资本回报率，包括年度现金流和资产净值的增长。
• Seek profitability rather than growth, because size does not necessarily add value.
追求盈利而不是增长，因为规模不一定会增加价值。
• Encourage taking calculated risks, but always compare expected returns with the risks taken to achieve those returns.
鼓励承担可计算的风险，但总是比较预期回报和为实现这些回报所承担的风险。
• Be prepared to sacrifice short-term profit, if necessary, to achieve long- term growth.
如有必要，要做好牺牲短期利润的准备，以实现长期增长。
【GOVERNANCE 治理】
• Attract and retain high caliber individuals who will grow with us over the long-term.
吸引并留住能与我们一起长期成长的高素质人才。
• Ensure employees think and act like owners in all their decisions.
确保员工在所有决策中都像老板一样思考和行动。
• Maintain an open exchange of information and strategies among investors and partners.
在投资者和合作伙伴之间保持信息和策略的公开交流。
• Build partnerships based on honesty and integrity, and ensure our actions always enhance our reputation.
建立以诚实和正直为基础的伙伴关系，确保我们的行动始终提高我们的声誉。
【Goals and Strategy 目标和策略】
Before we discuss our results for 2003, we thought it important to review our Principles of Investment, which are located on the previous page, our key objectives and our roadmap for achieving our goals. This way, you will have a framework to measure our performance.
在讨论我们2003年的结果之前，我们认为有必要回顾一下我们的投资原则（这些原则位于上一页），我们的主要目标和实现我们目标的路线图。这样，您将有一个框架来衡量我们的表现。
Our long-term goal is to achieve 12% to 15% growth in cash flow from operations and as a result, increase (i) our cash return on common equity to 20%; and
我们的长期目标是实现12% - 15%的运营现金流增长，从而实现增长
(i)我们的普通股现金回报率达到20%;而且
(ii) the underlying value of our assets on a total return basis by 12%. To achieve this objective we are focused on four key operating strategies:
(ii)按总回报率计算，本公司资产的基础价值增加12%。
为了实现这一目标，我们专注于四个关键的经营战略:
• Own, manage and build high quality cash flow generating assets that require minimal sustaining capital and have the potential to appreciate in value. Today we are primarily focused on real estate and power generation assets.
•拥有、管理和建立高质量的产生现金流的资产，需要最少的持续资本，并具有升值潜力。如今，我们主要专注于房地产和发电资产。
• Maximize the value of existing operations through active asset management to create operating efficiencies, lower our cost of capital and enhance cash flows. Given that our assets have relatively low variable costs and can be leveraged on a low risk basis, even a small increase in the top-line performance results in a magnified contribution to the bottom line.
•通过积极的资产管理，最大化现有业务的价值，创造运营效率，降低资本成本，提高现金流。鉴于我们的资产具有相对较低的可变成本，并且可以在低风险的基础上进行杠杆化，即使是营收的微小增长也会导致对利润的放大贡献。
• Manage assets for others when we can offer competitive advantages. This allows us to augment our own returns through performance-based management fees, reduce risk and, with a broader pool of capital, undertake larger transactions.
•当我们能够提供竞争优势时，为他人管理资产。这使我们能够通过基于业绩的管理费增加自己的回报，降低风险，并凭借更广泛的资金池，进行更大规模的交易。
• Base all of our decisions on disciplined return-on-capital metrics, focused on the impact on the company of each decision on a per share basis.
•我们的所有决策都基于严格的资本回报率指标，专注于每股决策对公司的影响。