Inversión Fundamental

I just went through the $BN 2026 Investor Day presentation. There was a lot in it, but these were the biggest takeaways for me: - Brookfield sees Plan Value reaching $140/share by 2031, up from $67 today. - Distributable earnings before realizations are expected to grow from $5.3B in 2026 to $11.6B by 2031. That is a 17% CAGR. - Wealth Solutions might be the biggest story here. Insurance assets have gone from basically nothing in 2020 to around $200B today. Brookfield is targeting nearly $400B by 2031 and close to $5B in annual distributable earnings. Management estimates Wealth Solutions alone could be worth $29–$37 per $BN share by 2031. - Carried interest is becoming a much bigger earnings driver. Carry-eligible capital is expected to grow from around $273B today to $600B by 2031. Brookfield also expects roughly $25B of net carried interest realizations over the next decade. - The cash generation here could get massive. Brookfield expects roughly $54B of free cash flow over the next five years. After dividends and reinvestment into the business, management estimates around $26B of excess cash could still be available for new investments, strategic deals or shareholder returns. - AI and power infrastructure are becoming a much bigger part of the thesis. Brookfield highlighted a $4T+ AI compute infrastructure opportunity and a $6T global energy grid opportunity. They are already deploying billions across nuclear, AI data centers and power infrastructure. - Real estate also looks a lot healthier than the headlines make it seem. Brookfield’s Super Core portfolio is around 95% occupied. Its office portfolio is roughly 94% leased. Management is targeting around 4% annual same-store NOI growth through 2031. - The new Brookfield structure could be a huge advantage over time. Combining permanent capital with insurance float gives Brookfield roughly $345B of flexible capital today. Management believes that could eventually grow to more than $1T as the platform scales. And one underrated slide: Brookfield invested $325M in SpaceX. That stake is now worth roughly $1.5B. 4.7x multiple. 55% IRR. More than $1B of value created. My biggest takeaway: $BN is becoming a much bigger and more powerful business than I think most people realize. Asset management keeps scaling, Wealth Solutions is becoming a monster, carried interest is starting to matter more, and real estate is improving. On top of that, Brookfield could have tens of billions of dollars to deploy into AI, energy and other massive opportunities over the next decade. These are long-term management targets, not guarantees, but this presentation definitely strengthened my conviction in $BN.