大陆身份的$Brookfield资管(BAM)$ 扣20%股息税，有点多啊#持股收息#

贴一下$橡树资本集团(OAK)$ 管理层让$Brookfield资管(BAM)$ 回购他们股票时使用的预设估值公式：@HenryX1e 

大致是FRE的13.5倍+净Carry的6.75倍+100%净金融资产+75%的净应计Carry。
（FRE和Carry按照过去三年平均，同时乘以5年国债利率+3%）

虽然说BAM没有call的权利（只能橡树管理层put给BAM），但是对剩余的36%橡树股份还是锁定了一个比较低的估值。除了倍数比较低之外，用过去三年平均数值也是压低了对成长的估值。

Except as described below, each OCGH Unit will be valued
(i) by applying a 13.5x multiple to the trailing three-year average (or two-year average for Exchanges in 2022) of fee-related earnings less stock-based compensation at grant value and excluding depreciation and amortization
and a 6.75x multiple to the trailing three-year average of net incentives created, and
(ii) adding 100% of the value of net cash (defined as cash less the face value of debt and preferred stock, other than certain preferred stock issued in connection with certain Exchanges),
100% of the value of corporate investments
and 75% of fund-level net accrued incentives as of December 31 of the prior year,
in each case subject to certain adjustments.
Amounts received in respect of each OCGH Unit will be reduced by the amount of any non-tax related distributions received in the calendar year in which the Exchange occurs,
but increased by an amount accruing daily from January 1 of such year to the date of the closing of the Exchange at a rate per annum equal to the 5-year treasury note rate as of December 31 of the prior year plus 3%.

#熊猫之武学秘诀# 五年五倍

保险浮存金的主要投资方向是信贷资产，因为保险业资本金要求对信贷资产很友好。
$布鲁克菲尔德(BN)$ 拥有的保险浮存金现在是400亿，五年后预期达到2000亿美元。

BN投资者日ppt提到的资产管理增长中，信贷资产的增长速度太高了吧，要怎么实现呢，未来有并购？

利率上涨，reits 收益下跌，基金管理方当然不被看好。当然 Brookfield 投资的资产很多元，不能完全类比。

以股代息怎么操作啊，还是仅限于加拿大籍？

我的建议是都配一些。BN可以看成整个李嘉诚帝国，BAM目前应该算帝国的旗舰，都有些低估（按管理层给出的指引）。博枫的持股结构和欧美大多数另类私募是不一样的，更接近东亚财阀的模式，交叉持股非常多，目的就是在于用和欧美同行同样的资金可以控制更多的资产，真实的杠杆并不低，所以控制投资上限还是很有必要的。另外你可以好好看看@肖恩她爹 和@坚信价值 等几位在BN和BAM的分析，得出自己的结论。这点比你问我哪一个比较好更有价值。

这两个公司投资者买哪一个比较好啊

注意分散配置