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There is a lot of headwind in the property management space right now. Loss of tenants in office and commercial spaces and no signs of that coming back much any time soon. I've always had a love/hate relationship with this particular stock (having never owned it) as well. Part of it has been the convoluted ownership structure and the various entities. How can I own something I do not understand? Still well above price levels of a mere 2 years ago, but I don't think there is any rush to own this stock at this time.
 

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Here's another way of looking at that chart, taking out the giant swings up and down:

Price Nov. 2018: $35
Price April 2020: $40
Price Sept. 2020: $43.60

Added: AR beat me to the two-year observation
 

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Good points @AltaRed and @fireseeker , thanks. I only review this portfolio once a year so either way, I'm staying long until the next review (next summer). I'm just disappointed it did not rally with the broad market.
 

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I see this as more of a long-term play. I see it as real-estate worries holding back BPY and therefore BAM. However, that is only one of their three major platforms (i.e., BPY, BEP, and BIP) and BAM also has other private equity, distressed debt, and marketable security investments at play.

There is also an element of mis-pricing. Because of the complex structures in place, it's not easy to constantly determine the FMV of BAM. Some deals done by the operating platforms take time to exit and have that value flow up to BAM.

Management has been prudent with how they invest the funds so I see BAM as something that I can hold and forget about.
 

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The only change in this holding done recently was to sell it in non registered and purchase it with cash in tfsa. Getting into this stock a few years ago I was less concerned about gains taxation that I held it in a non sheltered acct. However it also pays a pretty paltry dividend. Now it is at the safer end of the basket that makes up the tfsa.
 
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