The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 20 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Flatt: Politics barely matter when investing in domestic backbone infrastructure
“We invest in backbone infrastructure, largely, and even our private equity businesses are backbone infrastructure type businesses. Therefore, what's important for us is to go to good countries with good people that you can operate with the standards we operate…”
Teskey predicts institutional allocations to alternative assets will double within ten years
“The institutional allocations to alternatives are going to double From where they are today over the next 10 years.”
Teskey: 70% of Brookfield's current investments did not exist 20 years ago
“We give the example that, you know, probably two-thirds, maybe even 70% of what we invest in today was not an investable asset class 15 or 20 years ago.”
Teskey: Brookfield Underwrote Westinghouse Base Case on Controllable Operating Improvements
“So we focused on the downside. We made sure our downside was protected. Our base case of an attractive return was delivered by things within our control, but there was asymmetric upside if some uncontrollable things that we thought or hoped would happen did, b…”
Teskey: Hard work is perceived more through availability than spreadsheet modeling
“Comment or dynamic that I think is sometimes underappreciated is just being available for other people on the team. And there's always people, both, both junior and senior to you that have questions, want to bounce an idea off you want career advice, deal spec…”
Flatt: Brookfield is building $13B in power plants for Microsoft
“We're building from Microsoft thirteen billion dollars of power plants.”
Flatt: Great long-term investors preserve capital and deploy during market recoveries
“Coming out of recessions or cycles, coming out of the bottom, what's most important is just have everything you have intact. Do not lose anything, do not lose too much, and keep going, because there'll be many people who will have lost stuff. What's even bette…”
Flatt: Brookfield is building a $32B fabrication plant with Intel
“We're building with Intel a thirty two billion dollar fabrication plant in Arizona.”
Flatt: Flawed investment decisions are far worse than mistiming the market
“The unsuccessful ones are harder to identify what happened. But often there are reasons why, and it either comes down to execution. You didn't execute properly. You had you missed time the market. Or you just made a bad, bad, flawed investment decision. And th…”
Flatt: Brookfield's parent company achieved 19% annualized returns over 30 years
“The point is, we've earned, our parent companies earn 19% return, annualized returns for 30 years.”
Flatt: Most available data center sites are pre-contracted for 20 years
“Most sites today that are available to be built are already contracted to somebody for the next 20 years.”
Flatt: Passive investing creates wide price-to-value disparities for non-index companies
“For some companies, smaller, mid-size, don't fit indexes, they will be lost within public markets investing. Because active, ah, investors may not be investing in those sectors anymore, and if you don't fit the indexes, you have no buyers. Increasingly, though…”
Flatt: Brookfield uses osmotic learning and has no private offices
“In general, we don't do training. Quote, unquote. But every day, every single person in this organization is learning. And it's a learned by osmosis process. We have open plan in the place, including myself, never had an office and people talk to one another a…”
Teskey: Brookfield Builds Data Centers Backed by Hyperscaler or Sovereign Contracts
“We're now doing it in data centers, building gigafactories on the on the back of long-term contracts with hyperscalers or sovereign offtakes.”
Teskey: Brookfield Only Invests When Four Key Contracts Are Locked
“Whenever we build a new project, we do not like to put capital in the ground unless we lock in our CapEx contract, our off-take contract, our EPC contract, and our financing contract all at once.”
Teskey: Brookfield expanded from four investment products to 60 over 10 years
“I'll give the example that 10 years ago, I think we had four products. Today, we have 60.”
Flatt: Brookfield successfully took a $6B unindexed shipping company private
“So we took a large container shipping company private. It had one analyst and nobody following it. It fit in no indexes. It was a six billion dollar company. And we took it private and it's been an exceptional investment.”
Flatt: Brookfield's worst mistakes happen when pushing into adjacent unfamiliar areas
“Sometimes we're pushing Out into areas which are adjunct to what we do, and we probably shouldn't have. We really didn't know what we were doing. And not often does it happen, but once in a while.”
Flatt: Brookfield makes mistakes with proprietary capital before taking client funds
“We want to make mistakes with our own money first, not with others. Our reputation with our clients is the only thing we have.”
Flatt: Managing $1T prevents Brookfield from investing in small countries
“Like, we can't have small countries, just not because they're not good, they're not a good place to invest, it's just not meaningful to us. When you have a trillion dollars things, The benefit or the, or the- Drawback. Yeah, the drawback is that is that you ca…”