Brookfield Office Properties Inc T.BPO.P.G

RE:RE:RE:RE:Short Interest In Light of Bruce Flatt's comments yesterday.

[SONOFFERGUS]

GM Carena.

Two things can be true: (1) public valuations can be pulled way out of whack for prosaic businesses like the ones BN invests in when *everyone* who gets benchmarked has to chase returns in pending tech wreck 2.0 (which I think is more what Bruce was talking about); and (2) life for big money managers sure is easier when there is no market price to defend.

Are fund managers using equity market craziness as an excuse to dodge price discovery?  It's a theory. Probably 

I do think that smartphones etc. have rewired our brains such that we need immediate reward in every arena, including investments.  Long-term thinking is an increasingly rare commodity.  I have done pretty well taking the other side of short-term thinking earnings and economic reports -- not because I have a particular view of the reports per se, but because fast money moves lead to what are IMHO outsized price reactions that I can trade against.

I hope that BPO is just keeping powder dry on the NCIB until it expires in January.  At least prices have been pretty resilient in the face of bad (or good -- I, like you, don't know what to hope for) news on rates.

Best,

Sonoffergus