Investment Q&A

 Recessionary concerns are short-term headwinds for both names, as a challenging macro environment can affect consumer spending (ATZ) and alternative investment performance (BN). Both names have already priced in to some extent the recessionary effect on these businesses given the current pressures in share prices. We think the long-term thesis of both names is still intact:

ATZ is a strong brand name retailer with pricing power and BN is one of the main players in the alternative investment where the runway for AUM growth is expected to be huge over the next decade.
Investors need to have the patience to hold through tough times. Even great businesses have good years and so-so years, as compounding does not go up in a straight line. We think these names are still good long-term investments.