拆分基金管理业务BAM单独上市后，博枫集团（$布鲁克菲尔德(BN)$）的股东信将主要阐述集团整体的战略和资本调度决策和亮点。
资产管理业务的运营细节会在$Brookfield资管(BAM)$ 的股东信中进一步展开（最新一期见：网页链接）。
随手摘选一些时效性不强的文字。#博枫股东信# #博枫集团股东信#
【Overview 概述】
With the listing of our asset manager now complete, going forward we plan to write quarterly letters that will cover the strategic initiatives and highlights of Brookfield Corporation. We will also publish shorter quarterly letters for our asset manager covering the details of its operations, as we do for our listed affiliates and private funds.
随着我们资产管理公司的上市已经完成，未来我们计划每季度写一封信，涵盖博枫集团（BN）的战略举措和亮点。我们还将为我们的资产管理公司BAM发布较短的季度信，涵盖其运营细节，就像我们对上市子公司和私募PE基金所做的那样。
2022 was a strong year for Brookfield despite the challenging market environment. We had a record year for fundraising, strong operating results, excellent performance from our insurance operations, and we concluded the distribution of 25% of our asset management business to shareholders.
尽管市场环境充满挑战，但2022年对博枫来说是强劲的一年。我们今年的融资创纪录，经营业绩强劲，保险业务表现出色，我们还将资产管理业务25%的股份分发给了股东。
While a recession is likely taking place in many parts of the world, we are now investing our resources with an eye on a recovery later this year or in 2024. Alternative investments have shown their incredible resilience during this period and are benefiting from the higher level of inflation than we have seen for decades.
虽然世界上许多地方都可能发生衰退，但我们现在正在投资我们的资源，着眼于今年晚些时候或2024年的复苏。另类投资在此期间表现出了令人难以置信的韧性，并受益于几十年来最高的通胀水平。
The combination of approximately $125 billion of capital available for investment, our perpetual funding structures, our global business presence, and our emphasis on value investments positions us well for this environment.
约1250亿美元的可用投资资本、我们的永久融资结构、我们的全球业务布局以及我们对价值投资的重视，使我们在这种环境中处于有利地位。
With our asset manager now trading separately and set on its own path, Brookfield Corporation is focused on allocating and deploying its capital to maximize the value of our balance sheet.
由于我们的资产管理公司BAM现在已经单独上市交易，并走上了自己的道路，博枫集团BN将专注于分配和部署其资本，以最大化我们资产负债表的价值。
With a net asset value per share which we estimate to be vastly higher than our share price, we expect to continue to use our cash resources to repurchase shares in the market. If the discount persists, we will also consider other options, including a tender offer.
由于我们估计每股净资产价值远远高于我们的股价，我们预计将继续使用我们的现金资源在市场上回购股票。如果折扣持续下去，我们还将考虑其他选择，包括收购要约。
At the same time, we continue to look at new areas for investment that will earn us excellent returns and strategically position Brookfield for the future. With markets trading off and capital scarce, the odds favor us finding something interesting.
与此同时，我们继续寻找新的投资领域，这将为我们带来丰厚的回报，并为博枫的未来奠定战略地位。在市场下跌和资本稀缺的情况下，我们很有可能找到一些有趣的东西。
【The Market Environment 市场环境】
Markets were extremely volatile in 2022. Most investments were down, at least on paper, as central banks acted decisively to bring inflation under control.
2022年市场极度动荡。随着各国央行采取果断行动控制通胀，多数投资至少在账面上出现了下跌。
The good news is that the measures taken appear to have been successful in tempering demand and moderating inflation in most countries, with interest rates expected to peak soon, inflation likely to already have peaked in most places, and the onset of a recession upon us.
好消息是，在大多数国家，所采取的措施似乎成功地抑制了需求，缓和了通货膨胀，预计利率将很快见顶，大多数地方的通货膨胀可能已经见顶，我们开始陷入衰退。
Global markets are now offering much better opportunities. Bond yields are higher, equities are more fairly valued, and technology company valuations are more reasonable.
全球市场现在提供了更好的机会。债券收益率更高，股票估值更合理，科技公司的估值也更合理。
In addition, growth businesses and crypto that had no rational reason for trading where they did have now come back down to earth. In the midst of all of this, most alternative assets and real businesses have performed, and are expected to continue to perform, extremely well.
此外，那些没有合理理由可以解释之前那么高价格的增长型企业和加密货币，现在已经回到了现实中。在这一切之中，大多数另类资产和实体业务都表现得非常好，而且预计将继续表现得非常好。
The overall macro environment has moved strongly in favor of how we operate at Brookfield. This should bring great opportunity for us in the next few years. In general, the world has shifted:
总体的宏观环境对我们在博枫的运营方式非常有利。这将在未来几年为我们带来巨大的机遇。总的来说，世界已经发生了变化:
from an emphasis on growth to value (we are value investors).
从强调增长到重视价值(我们是价值投资者)。
from a singular focus on technology to a more rounded investment focus, including strong interest in energy (this bodes well for us in many ways).
从对科技行业的单一关注到更全面的投资关注，包括对能源的强烈兴趣(这在许多方面对我们来说都是好兆头)。
from low inflation to greater inflation (this is very positive for most of what we own).
从低通胀到高通胀(这对我们拥有的大多数资产来说都是非常积极的)。
from a low level of expenditures on the backbone of the global economy to high infrastructure investment, with emphasis on decarbonization, digitalization, and deglobalization (this is our sweet spot).
从对全球经济骨干设施的低水平投入，到高水平的基础设施投资，重点是脱碳、数字化和去全球化(这是我们的最佳点)。
from cash earning zero to cash being valuable. Having been very conservative with our capital structure and having acquired a substantial insurance float while sitting on cash earning nothing, this has now turned in our favor (this is very powerful for our earnings and new opportunistic investments).
从现金零收益到现金有价值。我们的资本结构非常保守，而且在获得了大量保险浮存金后一直坐在现金上赚取零回报，现在情况对我们有利 (这对我们的利润和新的投机型投资非常有利)。
from returns being generated by financial engineering to returns resulting from operational excellence (this is our specialty).
从金融工程带来的回报到卓越运营带来的回报(这是我们的专长)。
While markets are always unpredictable, we believe we are well positioned for this environment, and that we will all soon be in another period of economic growth.
虽然市场总是不可预测的，但我们相信，我们已经做好了应对这种环境的准备，我们很快就会进入另一个经济增长时期。
The Corporation is positioned to grow and widen its reach
【公司为成长和扩大业务范围做好了准备】
For the last 25 years we have focused on building and scaling our operating and asset management businesses, culminating in the recent distribution and separate listing of the asset manager’s shares.
在过去的25年里，我们一直专注于建立和扩大我们的运营和资产管理业务，并在最近完成了资产管理公司股票的派发和单独上市。
Leveraging our large perpetual capital base, deep operating expertise, global presence, and value investing approach, we have consistently delivered strong investment performance and have grown this business into a pre-eminent and uniquely positioned global alternative asset manager.
凭借我们庞大的永久资本基础、深厚的运营专业知识、全球布局和价值投资方法，我们一直提供强劲的投资业绩，并将该业务发展成为一家卓越和独特的全球另类资产管理公司。
Over this time, we have also used these same attributes to establish and grow global, market-leading businesses in renewable power (including a unique net-zero transition business), infrastructure, private equity, and real estate. We are also currently executing on our plans to build a leading global insurance business.
在此期间，我们还利用这些相同的特质，在可再生能源(包括独特的净零转型业务)、基础设施、私募股权和商业地产领域建立和发展全球市场领先的业务。我们目前也正在执行我们的计划，以建立一个领先的全球保险业务。
We have one of the largest discretionary pools of capital globally at approximately $175 billion, and we generate ±$20 billion of operating cash flow annually.
我们拥有全球最大的可自由支配资本池之一，约1750亿美元，我们每年产生200亿美元上下的经营现金流。
With no restrictions on how we use most of this capital, our sole focus is on allocating capital among our existing operating businesses and new business initiatives, with a targeted total return of 15%+ for our shareholders over the long term.
我们对大部分资本的使用没有限制，我们唯一的重点是在现有运营业务和新业务计划之间配置资本，目标是为股东提供15%以上的长期总回报。
The earnings power of what we have built and own today is incredibly strong. Each business on its own generates very attractive returns, but when we leverage the synergies that exist within the broader Brookfield ecosystem, the earnings potential becomes even greater.
我们今天所建立和拥有的盈利能力非常强大。每一项业务本身都能产生非常有吸引力的回报，但当我们利用博枫生态系统中存在的协同效应时，盈利潜力就会变得更大。
The organic growth levers within our existing businesses, combined with the continued allocation of capital to funds from our asset management business, should allow us to deliver strong internal growth.
我们现有业务的有机增长杠杆，加上继续向资产管理业务的基金配置资本，应能让我们实现强劲的内部增长。
Over the next five years, we plan to grow our free cash flow (or distributable earnings, “DE”) at a compound annual growth rate of approximately 25%, which should generate over $30 billion of excess cash flow during that period to just our Corporation balance sheet.
在未来五年，我们计划以大约25%的复合年增长率增长我们的自由现金流(或可分配利润，“DE”)，这将在此期间为我们的公司资产负债表产生超过300亿美元的额外现金流。
Given our strong track record of investment returns from our current businesses, it is hard to look past the opportunity to invest more capital into those businesses and repurchase shares when they are undervalued.
鉴于我们目前业务的投资回报记录良好，很难忽略向这些业务投资更多资金，并在股价被低估时回购股票的机会。
Furthermore, by fully leveraging the reach and expertise of our asset management business, our goal is to identify new investment opportunities that have both strategic value for overall Brookfield and the potential for attractive rates of return.
此外，通过充分利用我们资产管理业务的覆盖范围和专业知识，我们的目标是发现既对整个博枫具有战略价值，也具有诱人回报率潜力的新投资机会。
The scale we can pursue is significant, given the various sources of capital available to us, and in this economic environment we feel it is very possible that something large and interesting will present itself, enabling us to further diversify our business and broaden our reach.
考虑到我们可以获得的各种资金来源，我们可以追求的项目规模是巨大的，在这种经济环境下，我们觉得很有可能出现一些有趣的大项目，使我们能够进一步实现业务多元化，扩大业务范围。
Our bar for new investments is always high since we have great existing businesses. Sometimes the bar moves even higher, given the competing opportunity to repurchase our own shares. Despite that, we will continue to seek opportunities outside our current lines of business that will likely fit into one of the following categories:
我们的新投资门槛一直很高，因为我们有很棒的现有业务。有时，有回购我们自己股票的机会在竞争，门槛甚至会更高。尽管如此，我们将继续在我们目前的业务范围之外寻找机会，这些机会可能属于以下类别之一:
Insurance Solutions – We see many great global opportunities to deploy capital through Brookfield Reinsurance. While this is already an established business for us, we see an opportunity to deploy excess capital to scale it further.
保险解决方案——通过博枫再保险，我们看到了许多巨大的全球资本配置机会。虽然这对我们来说已经是一项成熟的业务，但我们看到了部署额外资本以进一步扩大业务的机会。
Strategic Acquisitions – We come across many opportunities that are too large for any of our funds. An example of this is a $30 billion business we came very close to merging into Brookfield Corporation 18 months ago. These opportunities will be few and far between, but when we find the next one, it could be very exciting.
战略收购——我们遇到了许多机会，这些机会对我们的任何一支基金来说都太大了。举个例子，18个月前，我们差一点就将一个价值300亿美元的公司并入博枫集团（BN）。这样的机会很少，但当我们找到下一个机会时，可能会非常令人兴奋。
Growth – We are investing in new businesses that are adjacent to what we do well. While these investments are small today, they or others could become large investments someday. For example, we own an interest in SHEIN, an incredibly successful fast fashion business that is becoming dominant globally and which we have been able to assist in numerous ways within our franchise.
成长投资——我们正在投资与我们擅长的业务相关的新业务。虽然这些投资现在还很小，但将来它们或其他投资可能会变成巨大的投资。例如，我们拥有SHEIN的股份，这是一家非常成功的快时尚企业，正在成为全球的主导企业，我们能够以多种方式在我们的平台范围内为其提供帮助。
New Businesses – We are investing as a Limited Partner in some external private funds in sectors where we do not yet have full-scale teams. In addition to the excellent returns we expect to earn, we are learning a great deal. This in turn could lead to new businesses for us.
新业务——我们正在以有限合伙人的身份投资一些外部私募PE基金，这些基金所处的领域我们还没有全面的团队。除了我们期望获得的优异回报之外，我们还学到很多东西。这反过来可能为我们带来新的业务。
Our individual listed infrastructure, renewable and private equity securities are excellent investments that provide exposure to specific sectors, and our recently created asset manager shares now provide direct access to our asset management business and its strong growth profile.
我们单独上市的基础设施、可再生能源和私募股权业务是投资特定行业的优秀投资标的，我们最近创建的资产管理业务股票现在可以用于直接投资我们的资产管理业务及其强劲的增长前景。
At the same time, Brookfield Corporation shares offer a unique opportunity to own them all and benefit from the resulting synergies. They also offer a chance to be a part of our next chapter, which we are very excited about.
与此同时，博枫集团（BN）的股票提供了一个独特的机会，可以拥有所有上述这些业务，并从由此产生的协同效应中受益。BN股票也提供了一个机会，让股东成为我们下一个篇章的一部分，这是我们非常兴奋的。
Real estate is cyclical, but it is a great long-term business
【商业地产是周期性的，但它是一个很棒的长期行业】
Part of the Corporation’s capital is invested across a highly diversified, very high-quality portfolio of real estate assets in some of the best locations around the world.
博枫集团（BN）的部分资本投资于高度多元化、高质量的商业地产投资组合，分布在世界上一些最好的地点。
While we continue to dispose of non-core holdings, much of the high-quality real estate we own will eventually find its way into our insurance business due to its long-duration nature, making these assets ideally suited to match the long-duration liabilities created by our insurance operations. As a reminder:
在我们继续处置非核心资产的同时，我们拥有的大部分高质量商业地产，由于其长期存续期的性质，最终将进入我们的保险业务，使这些资产非常适合与我们的保险业务产生的长期负债相匹配。提醒一下:
$8 billion of our capital is invested in our real estate private funds, which are highly diversified by both geography and by sector, and where our asset management business has a proven track record of delivering upwards of 20% returns over the long term. These assets are turned into cash in a 5 to 10-year period.
我们的80亿美元资金投资于我们的地产私募PE基金，这些基金在地域和行业上都是高度多元化的，我们的资产管理业务在长期回报率超过20%方面有着良好的记录。这些资产将在5到10年的时间内转化为现金。
$15 billion of our capital is invested directly in our top 35 trophy office and retail complexes globally. These are amongst the best in the world and get better and better over time.
150亿美元的资本直接投资于我们分布全球的最大的35个办公和零售综合体。这些都是世界上最好的，随着时间的推移会越来越好。
$3 billion of our capital is invested in our residential land development business in the U.S. and Canada. This business has delivered very strong financial results for decades. Over time, these assets all turn into cash as we build out developments (unless we choose to reinvest it).
其中30亿美元投资于美国和加拿大的住宅用地开发业务。几十年来，这项业务的财务业绩非常强劲。随着时间的推移，这些资产会随着我们开发而变成现金(除非我们选择再投入)。
$7 billion of our capital is invested in other real estate assets which, as we have discussed before, will be liquidated over time.
我们的70亿美元资本投资于其他商业地产资产，正如我们之前讨论过的，这些资产将随着时间的推移被处置变现。
The reason we focus on the highest-quality, best-located real estate assets is because we have found that these outperform over very long periods of time and through economic cycles.
我们专注于最高质量、地理位置最佳的商业地产资产的原因是，我们发现这些资产在很长一段时间内和整个经济周期内都表现出色。
When office leasing demand slows, these prime buildings tend to remain full, as tenants take the opportunity to upgrade their premises. For example, with overall vacancy as high as 20% in some markets currently, our U.S. office portfolio remains 95% occupied, and our like-for-like NOI is forecast to grow 10% this year.
当写字楼租赁需求放缓时，这些高档建筑往往会保持满员状态，因为租户会借此机会升级他们的办公场所。例如，目前一些市场的整体空置率高达20%，但我们在美国的办公室组合仍有95%的入住率，今年我们的同店净经营收入（NOI）预计将增长10%。
Similarly, our shopping centers benefit when retailers make decisions to consolidate their premises into the highest-productivity centers. Our top 20 shopping centers comprise more than 50% of the value of our retail portfolio. They are highly productive, with average tenant sales currently exceeding $1,100 per square foot, 20% above their sales prior to the pandemic.
同样，当零售商决定将其经营场所整合到产出率最高的购物中心时，我们的购物中心也会受益。我们排名前20的购物中心占我们零售组合价值的50%以上。它们的产出效率很高，目前平均租户销售额超过每平方英尺1100美元，比疫情前的销售额高出20%。
Occupancy in these malls has rebounded to 97%, roughly where it was before the pandemic, and we are renewing leases with rents at an 8 to 10% premium to the expiring terms.
这些商场的入住率已反弹至97%，大致相当于疫情前的水平，我们正在以较到期条款高出8%至10%的租金续签租约。
Our real estate business provides critical infrastructure to our tenants. However, the nature of our tenants is constantly evolving and will continue to do so in the future. For example, 20 years ago our office portfolio was focused on financial services tenants and those that service them.
我们的商业地产业务为我们的租户提供关键的基础设施。然而，我们租户的性质在不断变化，并将在未来继续如此。例如，20年前，我们的办公室投资组合专注于金融服务租户和为他们提供服务的租户。
These businesses were voracious consumers of office space, and our large-format, flexible office buildings in the world’s best cities attracted many of them as tenants. However, over the past decade regulatory changes have led to slower growth in financial services employment and, as a consequence, their demand for office space.
这些企业是办公空间的大胃口消费者，而我们位于世界最好城市的大型灵活办公大楼吸引了许多这些企业成为租户。然而，在过去10年里，监管改革导致金融服务业就业增长放缓，并因此降低了他们对办公空间的需求。
At the same time, we saw increased demand for office space emerge from large technology and media companies such as Amazon, Alphabet and Meta. They were attracted to the high-quality nature, flexible layouts and locations in cities where their employees wanted to live—and so our tenant mix has evolved and diversified significantly over time.
与此同时，我们看到亚马逊(Amazon)、谷歌（Alphabet）和Meta等大型科技和媒体公司对办公空间的需求不断增加。他们被高品质的自然环境、灵活的布局和员工想要居住的城市位置所吸引，因此随着时间的推移，我们的租户结构发生了显著的演变和多样化。
Companies have begun to rethink the way they utilize their office space. Once again, the highest-quality, best-located buildings continue to be in high demand as employers want to encourage workers to come into the office to interact and collaborate with one another.
公司们已经开始重新考虑他们利用办公空间的方式。再一次，由于雇主希望鼓励员工到办公室来相互交流和合作，最高质量、最佳位置的建筑仍然有很高的需求。
Similarly, 20 years ago our shopping centers were dominated by large-format department stores, which served as anchor tenants and drove customer traffic to smaller, higher-rent-paying tenants. As consumer tastes and buying patterns have evolved, we have redesigned our centers to focus on high-end luxury tenants, entertainment and food and beverage uses, which attract the shoppers of today.
同样，20年前，我们的购物中心由大型百货公司主导，这些百货公司作为主要租户，将客流量引向支付租金更高的小型租户。随着消费者品味和购买模式的演变，我们重新设计了我们的中心，以专注于吸引当今购物者的高端豪华租户、娱乐和餐饮用途。
The type and nature of our tenants is constantly evolving; however, our properties enjoy prominent physical locations near large populations of affluent consumers, and as a result, space is in demand.
我们租户的类型和性质在不断变化;然而，我们的购物中心地理位置优越，靠近大量富裕消费者，因此空间需求很大。
It is for these reasons that the operating income of our real estate business continues to see strong growth. And despite some impact of higher interest rates on our cash flows in the short term, we have deep conviction in the underlying value of our real estate portfolio and its ability to continue delivering strong returns for the Corporation for a very long time.
正是由于这些原因，我们商业地产业务的营业收入持续强劲增长。尽管短期内高利率会对我们的现金流产生一些影响，但我们坚信我们商业地产投资组合的潜在价值，以及它在很长一段时间内继续为公司带来强劲回报的能力。