RE:Q3 ResultsJust read the conference call transcript......the shares traded today about as exciting as the press release and conference call....one big yawn. Not necessarily a bad thing.
Very interesting how in last few days, the BPR security has diverged from BPY...this is a good sign that U.S. investors are paying up for the stock.
Few other comments:
(i) Nice to see that the US$500 million share repurchase announced in February is complete....in the big picture, it is a big statement by the company and its management.
(ii) As I have noted before, the Brookfield guys are giddy with excitement that rates have reversed course and headed downward since this time last year.....the CEO stated that a 100 basis point decrease in rates adds $20 per share to their net asset value......while this sounds great, why the heck are they not doing another US$500 million substantial issuer bid instead of buying assets in India and Dubai etc....makes NO sense if they believe their own BS.
(iii) Lots of positive spin on retail which is encouraging.
(iv) Tough job to be the CFO trying to explain the numbers.....investing in these massive companies is beginning to feel like investing in a pension fund...lol
Nonetheless, staying LONG because this stock should go up as the macro environment seems to be at their back.
Vette