$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
【GOALS AND STRATEGY 目标和策略】
As in the past, we thought it is important to review our Investment Principles, as well as the key objectives for achieving our goals. This way, you continue to have a consistent framework to measure our performance.
与过去一样，我们认为有必要重新审视我们的投资原则，以及实现我们目标的关键目标。通过这种方式，您可以继续有一个一致的框架来衡量我们的表现。
Our long-term goal is to achieve a compound 12% growth in cash flows from operations on a per share basis. This may not occur consistently each year, but we believe we can achieve this objective over the longer term by continuing to focus on four key operating strategies:
我们的长期目标是实现每股运营现金流12%的复合增长。这一目标可能不会每年都持续实现，但我们相信，通过继续专注于以下四个关键的经营策略，我们可以在较长时间内实现这一目标:
• Establish ourselves as an asset manager of choice for investors seeking exposure to infrastructure type assets. As we continue to increase the number of assets we manage for others through funds, co-investments or public securities, we enhance our returns through performance-based management fees, diversify our risk and broaden the scale of transactions that we can undertake.
•为寻求基础设施类资产敞口的投资者打造首选的资产管理公司。
随着我们通过基金、共同投资或公开证券继续增加为他人管理的资产种类数目，我们通过基于业绩的管理费提高了我们的回报，分散了我们的风险，并扩大了我们可以承担的交易规模。
• Own, manage and build high quality long-life cash generating assets that require minimal sustaining capital and have some form of barrier to entry, which as a result favour these assets to appreciate in value. Today we are primarily focused on property, power and infrastructure assets.
•拥有、管理和打造高质量、长寿命、能产生现金流的资产；这些资产需要最低的持续资本开支，并有某种形式的进入壁垒，因此有利于它们的升值。如今，我们主要专注于房地产、电力和基础设施资产。
• Maximize the value of existing operations by actively managing our assets to create operating efficiencies, lower our cost of capital and enhance cash flows. Given that our assets generally require high initial capital investment, have relatively low variable costs and can be leveraged on a low-risk basis, even a small increase in top-line performance results in a much higher percentage contribution to the bottom line.
•通过积极管理我们的资产，最大化现有业务的价值，创造运营效率，降低我们的资金成本，提高现金流。
鉴于我们的资产通常需要较高的初始资本投资，具有相对较低的可变成本，并可以在低风险的基础上进行杠杆化，即使是营收的小幅增长也会导致对利润的更高百分比贡献。
• Base our investment decisions on disciplined return-on-capital metrics, measured by their impact to the company on a per share basis.
•将我们的投资决策建立在严格的资本回报率指标上，根据其对公司每股的影响来衡量。
【INVESTMENT APPROACH 投资方法】
Our investment approach continues to be focused on high quality cash producing assets, which by virtue of the type of asset, location or barriers to entry, should appreciate in value in contrast to many other assets that generally depreciate over time.
我们的投资方法继续专注于高质量的产生现金的资产，由于资产的类型、位置或进入壁垒，这些资产应该会升值，而不是像其他资产一般会随着时间的推移而贬值。
In this regard, we recently came across a paragraph in the book “The Aggressive Conservative Investor,” co-authored by long-time value investor Martin J. Whitman. On page 108 it states:
在这方面，我们最近在《激进的保守投资者》一书中看到了一段话，这本书是由长期价值投资者马丁·惠特曼合著的。第108页指出:
“For example, in certain areas of real estate accounting, depreciation charges are an economic fiction; much of well-maintained, well-located real estate does not depreciate over time, even though for financial accounting and tax purposes, the property is depreciated.”
“例如，在房地产会计的某些领域，折旧费是一种经济虚构;许多维护良好、地理位置良好的房地产不会随着时间的推移而贬值，尽管出于财务会计和税收目的，这些房产会贬值。”
We agree fully with Mr. Whitman. In fact, when reviewing the value of the commercial properties we own, we have generally found the required depreciation provisions to be substantially overstated. We also believe this to be true for our hydroelectric power plants, our timber, and most of our other infrastructure assets.
我们完全同意惠特曼先生的看法。事实上，在检讨我们所拥有的商业物业的价值时，我们普遍发现所需的折旧拨备被大幅夸大。我们也相信，我们的水力发电厂、我们的林木和大多数其他基础设施资产都是如此。
This is the principal reason why we measure our performance based on the cash flow generated from the operations, less sustaining capital expenditures, and add to this the annual increase in intrinsic value to determine our return on assets. There are some exceptions, but in general, this applies across most of our chosen asset classes.
这就是为什么我们衡量业绩根据的是经营产生的现金流，减去持续性的资本支出，并加上内在价值的年度增长，来确定我们的资产回报率。有一些例外，但总的来说，这适用于我们选择的大多数资产类别。
In addition, as a portion of the increase in intrinsic value of our type of asset results from capital appreciation, the timing of when taxes are paid is also important to overall returns. Under taxation laws, capital appreciation is not taxed until an asset is sold, but we are able to deduct depreciation against current income. Accordingly, over time the intrinsic value increase can be greater for the assets we own, than that of assets which conversely generate the bulk of their income up front, deplete in value over time and pay substantial current income taxes.
此外，由于我们这类资产的内在价值增加的一部分来自于资本增值，交税的时间对总体回报也很重要。根据税法，在资产出售之前，资本增值不征税，但我们可以从当期收入中扣除折旧。因此，随着时间的推移，我们所拥有的资产的内在价值增长可能会大于那些相反地在早期产生大量收入、随着时间的推移产生价值减值，并支付大量当期所得税的资产。
The challenge for us and other like-minded investors is that many people look principally at price-earnings multiples, and therefore do not focus on the cash flows being generated, or the significant extra returns that accrue from the appreciation in the value of assets. As we build our asset management operations, we therefore are continuing to review opportunities to ensure that the intrinsic value of our operations attracts appropriate recognition in the market place.
我们和其他志同道合的投资者面临的挑战是，许多人主要看市盈率，因此不关注产生的现金流，或资产价值升值带来的显著额外回报。因此，在我们建立资产管理业务的同时，我们将继续审查各种机会，以确保我们的业务的内在价值在市场上得到适当的认可。
【SUMMARY 总结】
Our primary objective continues to be generating increased cash flow, and as a result, higher intrinsic value on a per share basis. To do this, we aim to establish Brookfield as an asset manager of choice for institutions and other investors.
我们的主要目标仍然是产生更多的现金流，从而提高每股的内在价值。为此，我们的目标是将博枫打造成机构和其他投资者的首选资产管理公司。
We remain committed to investing capital for you and our partners, in high quality, simple to understand assets which earn a solid cash-on-cash return on equity, while always emphasizing downside protection of the capital we employ.
我们仍然致力于为您和我们的合作伙伴投资高质量、简单易懂的资产，获得稳定的现金对现金股本回报率，同时始终强调我们所使用的资本的下行保护。