These are the times Bruce Flatt takes aim......I have to believe BPY is getting in the cross hairs of a takeout bid if things carry on the way they have been. If we are heading into recession or a corporate credit crisis, then the performance of BPY since its inception in 2014 is a total disaster and BAM won't watch this thing wallow too long.
The BPY SIB of US$21 per share in Feb 2019 feels like a long time ago. Like 30% ago.
The "value gap" between the appreciation of BAM stock relative to the pain suffered by BPY loyal unitholders has to be a topic of discussion at the BAM level.
BPY is almost 50% discount to its NAV now.
BAM has sucked out a boatload of dividends and fees out of BPY since 2014 and now would seem to be the times to pounce. Bruce Flatt has a track of not screwing investors like us loyal unitholders and so these are good times to buy BPY........IMHO.
Still long and feeling the pain but starting to look to double down.
Vette