RE:RE:RE:RE:Price vs ValueInteresting discussion here. I don't think the BAM/BPY structure is much different from any other company in terms of perverse incentives to get big for the sake of getting big. You see it in all sorts of businesses, doing acquisitions that are too large (*cough* ALA) or in general biting off more than they can chew, just for the glamour/ego of being bigger, a higher paycheque for the CEO, whatever.
Sure, BAM could do that too, but I'm an investor in Brookfield because I trust that they're smarter than that. I'm sure they make decisions at the BPY level with consideration to the overall health of all the businesses together, but that's a good thing IMO, and I can't see BAM seriously screwing over BPY shareholders just to boost fees. It would hurt their reputation, hurt their ability to use the public markets to raise capital in the future, and for no real reason. BAM has more money than they know what to do with.