Lorne SteinbergBrookfield Infrastructure PartnersBIP.UN.TODON'T BUYOct 20, 2023

He bought this at the bottom of the pandemic, a great time to buy, and was fantastic for him. He sold it last July, because it got too expensive as interest rates rose. Then, the stock plunged 40%. It's trying to bounce back now.

Likes it long term. Unique collection of assets, as investors get exposure to private equity infrastructure through a public company. Yield is around 5%, which is increasing at 5% per year.

Beneficiary of a broadening rally. This name's been held back on liquidity concerns. Expects growth to accelerate Q4. Q3 was in line. Lower interest rates should be a tailwind. Likes the yield that continues to grow, nice 50% payout ratio. Models growth at 11%, trading 10.5x 2025. Downward effects of tax-loss selling should dissipate by mid-January. Yield is 5.1%.

Company under performance due to liquidity concerns. Expecting income to increase with new projects coming on. Low priced assets will be available for company. If interest rates stabilize, will be good for business. Current dividend yield very safe and attractive. Cash flow continues to grow. Will benefit from strength in economy as recession is avoided. Expecting pop in stock this January. Continues to own in portfolio. 

It's been a painful year, but it's a long-term hold. Infrastructure trends will remain positive. Has solid fundamentals globally and is starting to see a little pick-up in investor tone. He's been adding to this in the last 4 months. Is a positive story 5-10 years.

The parent, Brookfield, is buying back these shares, a good move. He owns both. They own various assets, but data centres offer the most sizzle. Shares are very depressed, pays a 5.7% yield well above the historic 5%, and trades at 8x funds flow from operation (12% historically). Are another victim of high interest rates. A recent short-seller report didn't hurt, but he read that and refutes it. Overall, still likes BIP.

A lot more debt and uncertainty, so you'll get a lot more volatility. Complicated structures. Instead, look to pipeline names for a higher dividend and maybe some rebound in capital appreciation.

It has pulled back with rising interest rates. It has a good yield and is now at an attractive price to start buying. Alternative assets will still be in demand. It is well managed and buys assets globally. The tail wind will  be dropping interest rates at some point.

Two really well-run companies. 

BN is the parent company for all the subsidiaries. A wonderful compounder. Negative sentiment around real estate holdings, which are high quality and global. Capital allocation opportunities will benefit shareholders. Loves it, he'd buy right here.

For BIP.UN, a wonderful income opportunity. You get growth and income. He'd be a buyer of this one, too. Valuation discount to BN. 

Half the infrastructure stocks is that they run up a few years ago when investors felt that governments would offer incentives to build renewables. Expectations were high, not wrong, but these things take a long time. Prefers BN-T for its discount to NAV.

Share price hit hard by rising interest rates & bond yields. Believes company is a good long term investment. Assets valuable as hard to replicate. Good time to buy given share price. 

Surprised at weakness in share price. Higher interest rates impacting borrowing costs. Positive on future of company. Will be able to pass rising debt costs to customers. Good for long term investors.

Sometimes the satellites are the better way to play than BN. Both work, but right now BIP.UN is the better choice. Cheap, and growing at 10%. Nice dividend.

Good combo of income (around 5%) and secular growth, predicated on global infrastructure deficit. Global. Great opportunities in data centres. US CHIPS Act should be a big catalyst. Pullback is pretty buyable.