Alexander Steinberg's writings will I think over time steer more towards the competition for cash and distributable earnings (that actually are not distributable earnings) within BN. It isn't that this is anything new, it is that the somewhat new environment that BN finds itself within probably changes the story to some extent.

I inherited some things like North Carolina Railroad (they own - or owned, still own but are NC state owned now) - the railroad property that Norfolk Southern uses from Raleigh to Charlotte which were an interest of the broker my dad used back in the 1960's and 1970's. That's what led me to Brascan, it was the dams and whatnot, and of course the less than 10 PE constantly. A small investment, but unlike most value investors I'm not a active buy/sell type, I just hold stocks for the most part.

My guess is that BN is more attached to being able to borrow at reasonable interest rates and being able to rake in new investment money than any sort of hero investing by management - something I think is an infatuation but not reality by many shareholders. It is the fee business that's the super-charger.

Anyway, Steinberg wanted to question the distributable earnings concept but SeekingAlpha simply would not let him do that. Yes, as he mentions, SA does monitor contributor content and they also monitor anyone who questions accounting or accounting use.

When management of Brookfield began the plan value thing, when they celebrate things that are obviously not as celabratory as sold to investors - there is surely more of this within the organization.

Low stock prices, if overtime proven to be low, can make investors too pessamistic and surely I'm not above that effect. We will see. Endless 20% though? I'm getting down to 8% over time which should be a market beater still.