BIP's financial structure incentivizes BAM to maximize fees with policies, taken to the extreme, are toxic for the limited partners. Right-sizing the expense structure implies steep losses.
There have been a lot of reports like this, the main theme being that cash flows do not support the unit distributions. The reports have been debunked by Manlobbi at Shrewdm.com here:
Any long thread claiming to debunk or pointed to as evidence of debunking my BIP arguement should include numbers. The post I saw by Maniobbi had none, except for a hypothetical building. If BIP covers its distributions, show me. Use the IFRS number BIP provides and prove I'm wrong - and show your work with audited numbers. I showed the math using audited numbers. If critics of my work are genuine and want to be taken seriously, they must do the same.
Correct, he was responding to a different report, however the subject was similar with cash flows of the public subs insufficient for the distributions. There is a larger thread at Shrewdm’ with some more detailed replies.
There have been a lot of reports like this, the main theme being that cash flows do not support the unit distributions. The reports have been debunked by Manlobbi at Shrewdm.com here:
https://www.shrewdm.com/MB?pid=846395257
Any long thread claiming to debunk or pointed to as evidence of debunking my BIP arguement should include numbers. The post I saw by Maniobbi had none, except for a hypothetical building. If BIP covers its distributions, show me. Use the IFRS number BIP provides and prove I'm wrong - and show your work with audited numbers. I showed the math using audited numbers. If critics of my work are genuine and want to be taken seriously, they must do the same.
Actually, he does not at all debunk it. In fact, it doesn't even look like he has read them.
Sometimes I think owners of some securities, Brookfield in particular, suffer from a financial version of Stockholm Syndrom.
Correct, he was responding to a different report, however the subject was similar with cash flows of the public subs insufficient for the distributions. There is a larger thread at Shrewdm’ with some more detailed replies.
I'm not familiar with the site. If you want to post a link here, that would be great. I'd like to see it, because they are dead wrong.