Public version of private equity business model. Subject to volatility as a result of public listing. Would prefer private equity investments in "private" investment vehicle. Higher interest rates will be tough for debt involved in business model.
Historically, a good company. But BAM has stolen its thunder. There's a question of succession, plus do they have enough capital to build their business? With devalued assets, they should be able to make some money. Relatively undervalued. Not his top pick in the space.
Liquidate? He never recommends liquidating. He likes to scale. If you’ve had a good run and there are good profits, and some potential risks to the downside, then you cut a 3rd. If it keeps going up, then you are still playing, and then you cut another 3rd.