BAM earnings, along with a potential spin-off of the non-asset management business.

FFO Actual per share: $0.47 (estimate -$0.48)

GAAP Earnings actual per share: $0.47 (estimate -$0.46)

Revenue actual: $21.03B (estimate $5.59B)

Needless to say, BAM is a difficult business to analyze, and that reflects in just how far off these estimates were. That also might be why Flatt is talking about splitting the company up into the asset management arm and everything else. His view is that there is a considerable conglomerate discount at work here, and that such a split would instantly unlock billions in shareholder value. I'm not sold on the idea, but the stock is up a ton today (over 9% as of this writing).

I am long BAM with a (for me) large position, with no plans to sell.


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