由于增长不及预期压低了基于DCF的内在价值，已减持BN仓位；相对于其他选择，该投资逻辑已不成立。
逐段跳播
过去一年里，这种情况已经发生在我和我的投资组合身上，涉及的就是Brookfield。如果你长期关注我的频道，肯定知道，在将近3年的时间里，我一直把Brookfield股票作为我投资组合中最大的持仓，而且领先幅度相当大。
它在这个位置上表现非常好，在我持有该股期间，让我的资金翻了一倍多。
This has already happened to me and my portfolio over the past year with respect to Brookfield. If you are a longtime follower of my channel, I'm sure you know that for almost 3 years I held Brookfield stock as the largest position in my portfolio by a considerable margin.
It performed very well in this position, and more than doubled my money during the period I owned the stock.
然而，随着时间推移，我开始意识到，该公司的增长持续远低于其公开宣称的预期和目标，甚至低于我自己的预期。随着这种情况持续下去，这笔投资的价值等式发生了变化；因为正如我们之前讨论的，增长越低，内在价值就越低。
当我把较低的增长速度输入我的贴现现金流（DCF）模型后，我意识到这只股票并没有我以为的那么便宜。
However, as time went on, I began to realize that the company's growth continued to fall far short of its stated expectations and goals, and even lower than my own expectations.
As this situation continued over time, the value equation for this investment changed; Because, as we discussed earlier, less growth means less intrinsic value. When I entered the lower growth rates into my discounted cash flow (DCF) models , I realized that the stock was not as cheap as I had thought.
当我得出这些结论后，我决定大幅减持Brookfield的持仓，并将这些资金转移到其他我认为表现更好、能为我带来更高回报的公司。
When I reached these conclusions, I decided to significantly reduce my stake in Brookfield and transfer those funds to other companies that I believed were performing better and could generate higher returns for me.
对我来说，这在投资组合中是一个非常合乎逻辑且理性的决定。数字不会说谎，当我把我认为现实的数字输入进去后，结果发现未来的回报远低于我最初计划和预期的水平。简单说，我的投资论点在某种程度上已经崩塌，而当我引入我认为更现实的假设后，我投资组合中以及市场上的其他投资看起来有吸引力得多。
最终事情就是这样。我认为其他投资表现更好、回报更高，所以我做出了改变。
For me , this was a very logical and rational decision in my investment portfolio. The numbers didn't lie, and when I entered the figures I thought would be realistic, it turned out that the future returns were much lower than I had initially planned and expected.
Simply put, my investment thesis had somewhat collapsed, and when I introduced what I considered to be more realistic, other investments in my portfolio and in the market looked much more attractive.
And that's what happened in the end. I believed that other investments were performing better and generating higher returns, so I made the change.
但话说回来，在3到4年的时间里，Brookfield一直是我投资组合中遥遥领先的最大持仓。尽管如此，我尽量不对这只股票产生情感依恋，尽量理性地分析它。随着一个季度又一个季度的事实不断累积，表明增长低于他们和我的预期，我终于到了不得不接受这一点、改变我的投资论点、并根据新信息调整投资组合的地步。
But again, Brookfield was by far the largest position in my portfolio for a period of 3 to 4 years. Nevertheless, I tried not to become emotionally attached to the stock , and I tried to analyze it rationally.
As the facts continued to accumulate quarter after quarter that growth was coming in lower than their and my expectations, I reached a point where I had to accept that, change my investment thesis, and make adjustments to my portfolio based on the new information.
这个频道对 $BN 的历次判断
Daniel Pronk 在这只股票上只有这一条判断。