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In 2002, BAM (then known as Brascan symbol BNN) was available for sale at about 60% of liquidation value, and the stock proceeded to increase 300% to today's price. Past performance is no guarantee of future results, but the stock is again available at about 60% of liquidation value.
I find it difficult to make the case that the company should be valued at a substantial discount to liquidation value. It is currently priced as if the assets will take a 25% or more hit, with no value attributed to the fee-earning businesses. Seems very cheap to me.