Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder. Let's start with the question we always ask first: do we understand this business? With Brookfield, the honest answer is "yes, but you have to work at it" — and that fact alone tells you something about both the opportunity and the risk. Strip away the org chart and Brookfield Corporation is three things: First, an asset management business. BN owns roughly 73% of Brookfield Asset Management (BAM), one of the largest alternative asset managers on earth. BAM manages other people's money — over $1 trillion of assets, of which $672 billion is fee-bearing capital as of the second quarter of 2026, up 19% in a year — in renewable power, infrastructure, private equity, real estate, and credit.
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