Maybe worth it. 2026-01-30 USD 49.71
Nearly every publicly traded alternative asset manager has been hit hard this cycle — Apollo is down 34% from its highs, KKR 41%, Blue Owl more than 60% — and Brookfield is down only 30%, still trading at an 85% forward P/E premium to peers. The industry is entering a hurricane, and Brookfield is the most complex, the most levered, and the most dependent on internal marks. It strikes me as the most unpunished with the most left to punish.
I am bearish on complexity. It is the recurring theme across everything I have published — Cliffwater, Athene, and the insurance capital structure. Complexity is where risk hides, and Brookfield has more of it than anything I have seen: six holding companies spanning three continents, two offshore reinsurers, 85,120 controlling shares, and a trillion dollars under management. The Financial Times spent six months investigating and concluded it was “not so much a company as a giant circular flow of cash.”
From Mispriced Assets
*Last updated: 2026-04-13 by steve.