lalim AP Trending SummaryBrief at 9:15 a.m. ESTMan United transfer news: Ruben Amorim 'adds £31.6m protege' to three-man left-back shortlist - Sports Mole

ALBANY — A new law aims to end harassment of domestic violence survivors in their motor vehicles through remote manipulation of global positioning satellite devices, automatic starters, temperature controls and more. The bill passed by the Legislature earlier this year said domestic abusers are "weaponizing" the growing remote control technology to harass, stalk and threaten survivors of domestic violence. The technology can be a small device hidden inside a vehicle or installed in the vehicle by the manufacturer or dealer to help locate the vehicle when it’s lost or stolen. The technology can then be operated through a computer or smartphone application and control several operations in a vehicle as well as identify where the car is parked or traveling, according to the legislation. Assemb. Linda Rosenthal (D-Manhattan), the bill’s Assembly sponsor, said that before this law survivors who were harassed by the remote technology would have to go through a lengthy process and cost of securing a court order of protection. "Abusers were trying to continue to harass their victims in this newish way," Rosenthal told Newsday Friday. "The way they were doing it was by tracking them to see where they were going in their car." Get the latest political news stories, from local elections and legislation to reaction to national events. By clicking Sign up, you agree to our privacy policy . "This gives them a tool to escape continued harassment," Rosenthal said. At least 26 states including California and the District of Columbia have adopted similar measures in recent years, according to the National Conference of State Legislatures. The Senate sponsor said abuse by the remote control devices took away what is supposed to be a safe space for survivors. "Domestic violence survivors already have more than enough to deal with," said the bill’s sponsor, Sen. Andrew Gounardes (D-Brooklyn), on Friday. "They need and deserve places where they can feel safe and secure. The last thing they should have to worry about is the frankly terrifying idea that even their own vehicle might become a tool for their abuser to stalk and harass them." The new law is also intended to help law enforcement clear a hurdle in trying to make a case against an abuser who uses the technology to harass, stalk or threaten, according to the law. Cases were hard to prove because car dealers or manufacturers — not abusers — controlled who had access to the remote control technology. `The new law, however, will require car manufacturers and auto dealers to remove an abuser’s access to remote vehicle technology when a survivor makes a request. The survivor must show proof of ownership and the abuser’s access to the remote technology must be done at no cost to the survivor. Gov. Kathy Hochul signed the bill into law. It’s effective immediately. The New York Times and CBS New York have reported several cases in which women felt threatened by use of the remote technology. "For all of the positive uses of GPS, the expanded use of GPS-enabled devices has also increased the inappropriate use of technology to monitor or track a person’s location," states WomensLaw.org, a Brooklyn-based group of lawyers, teachers and advocates for survivors of domestic violence. "As GPS technology has become cheaper and more advanced, small and easily hidden devices can include GPS technology and make it harder to know which devices have tracking capabilities, enabling abusers to misuse the technology to track your location," the group stated. Under New York’s law, vehicle manufacturers and dealers in New York state must also provide information on websites and in cellphone applications on how to terminate an abuser’s access to a vehicle’s remote technology. Any manufacturer or dealer who fails to comply with the law could face a $500 civil penalty, according to the legislation. "My bill takes a simple, common sense step to ensure abusers can’t use this tech to harm people," Gounardes said in announcing the bill signing Friday. Much of the concern involves the use of GPS devices to stalk or confront survivors, according to NCSL. GPS devices can be installed in or attached to a car and data can be transmitted to a domestic abuser. The devices had gained popularity as a market for parents to keep track of their teenagers behind the wheel. Michael Gormley has worked for Newsday since 2013, covering state government, politics and issues. He has covered Albany since 2001.NoneTech review: Gift options for the cord cutter

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ATLANTA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its third quarter of fiscal 2024 ended November 2, 2024. Consolidated net sales in the third quarter of fiscal 2024 were $308 million compared to $327 million in the third quarter of fiscal 2023. Loss per share on a GAAP basis was $0.25 compared to net earnings per share of $0.68 in the third quarter of fiscal 2023. On an adjusted basis, loss per share was $0.11 compared to net earnings per share of $1.01 in the third quarter of fiscal 2023. Tom Chubb, Chairman and CEO, commented, “Following a difficult third quarter, we are pleased with the beginning of the holiday season now that some recent headwinds have started to abate. The cumulative effects of several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior during the third quarter which is traditionally our smallest volume quarter of the year. Additionally, our most significant and important market, the Southeastern United States, was impacted by two major hurricanes in quick succession that resulted in estimated lost sales of $4 million and an estimated impact of $0.14 per share. When combined with a highly competitive and promotional environment, these headwinds led to financial performance that was weaker than expected.” Mr. Chubb concluded, “Encouragingly, consumers have responded favorably to our recent product introductions and marketing campaigns, driving a nice improvement in comp store trends once the holiday season got underway. However, due to the weaker than expected consumer environment before the election and the fourth quarter impact of the hurricanes, which we project will include an additional $3 million of lost revenue and $0.11 per share, we have lowered our fiscal 2024 sales and EPS guidance. We are confident that our business model will drive profitable growth and long-term shareholder value well into the future. We could not do this without our exceptional team of people, to whom we extend our sincere gratitude.” Third Quarter of Fiscal 2024 versus Fiscal 2023 Consolidated net sales of $308 million decreased compared to sales of $327 million in the third quarter of fiscal 2023. Full-price direct-to-consumer (DTC) sales decreased 8% to $200 million versus the third quarter of fiscal 2023. Full-price retail sales of $99 million were 6% lower than prior-year period. E-commerce sales of $101 million were 11% lower than prior-year period. Outlet sales of $17 million were 3% higher than prior-year period. Food and beverage sales were $24 million, a 4% increase versus prior-year period. Wholesale sales of $67 million were 2% lower than the third quarter of fiscal 2023. Gross margin was 63.1% on a GAAP basis, compared to 62.9% in the third quarter of fiscal 2023. The increase in gross margin was primarily due to a $4 million lower LIFO accounting charge and lower discounts at Lilly Pulitzer. This was partially offset due to full-price retail and e-commerce sales representing a lower proportion of net sales at Tommy Bahama, Lilly Pulitzer and Johnny Was with more sales occurring during promotional and clearance events. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to 63.0% compared to 64.0% on an adjusted basis in the prior-year period. SG&A was $205 million compared to $195 million last year. On an adjusted basis, SG&A was $201 million compared to $191 million in the prior-year period. The increase in SG&A was primarily driven by: Expenses related to 33 new store openings since the third quarter of fiscal 2023, including four Tommy Bahama Marlin Bars. Pre-opening expenses related to approximately five additional stores planned to open in the fourth quarter of fiscal 2024, including two additional Tommy Bahama Marlin Bars that are expected to open in the next few months. The addition of Jack Rogers. Royalties and other operating income of $4 million were comparable to the third quarter of fiscal 2023. Operating loss was $6 million, or (2.0%) of net sales, compared to operating income of $14 million, or 4.4% of net sales, in the third quarter of fiscal 2023. On an adjusted basis, operating income decreased to an operating loss of $3 million, or (1.1%) of net sales, compared to operating income of $21 million, or 6.6% of net sales, in the third quarter of fiscal 2023. The decreased operating income includes the impact of decreased net sales and increased SG&A as the Company continues to invest in the business. Interest expense decreased from $1 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the third quarter of fiscal 2024 than the third quarter of fiscal 2023. Due to lower earnings during the third quarter as compared to our other fiscal quarters, certain discrete or other items have a more pronounced impact on the effective tax rate. Our effective income tax rate of 42.5% for the third quarter of fiscal 2024 included the impact of discrete, favorable US federal return-to-provision adjustments primarily related to an increase in the research and development tax credit and certain adjustments to the US taxation on foreign earnings. For the third quarter of fiscal 2023, our effective income tax rate of 18.6% included the favorable utilization of the research and development tax credit and adjustments to the US taxation on foreign earnings which reduced the effective tax rate. Balance Sheet and Liquidity Inventory decreased $3 million, or 2%, on a LIFO basis and increased $2 million, or 1%, on a FIFO basis compared to the end of the third quarter of fiscal 2023. Inventory balances were comparable in all operating groups. During the first nine months of fiscal 2024, cash flow from operations was $104 million compared to $169 million in the first nine months of fiscal 2023. The cash flow from operations in the first nine months of fiscal 2024, along with borrowings of $29 million, provided sufficient cash to fund $92 million of capital expenditures and $33 million of dividends. During the third quarter of fiscal 2024, long-term debt decreased to $58 million compared to $66 million of borrowings outstanding at the end of the third quarter of fiscal 2023 as cash flow from operations exceeded increased capital expenditures primarily associated with the project to build a new distribution center in Lyons, Georgia, payments of dividends and working capital requirements. The Company had $7 million of cash and cash equivalents versus $8 million of cash and cash equivalents at the end of the third quarter of fiscal 2023. Dividend The Board of Directors declared a quarterly cash dividend of $0.67 per share. The dividend is payable on January 31, 2025 to shareholders of record as of the close of business on January 17, 2025. The Company has paid dividends every quarter since it became publicly owned in 1960. Outlook For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of $1.50 billion to $1.52 billion as compared to net sales of $1.57 billion in fiscal 2023. In fiscal 2024, GAAP EPS is expected to be between $5.78 and $5.98 compared to fiscal 2023 GAAP EPS of $3.82. Adjusted EPS is expected to be between $6.50 and $6.70, compared to fiscal 2023 adjusted EPS of $10.15. For the fourth quarter of fiscal 2024, the Company expects net sales to be between $375 million and $395 million compared to net sales of $404 million in the fourth quarter of fiscal 2023. GAAP EPS is expected to be between $1.02 and $1.22 in the fourth quarter compared to a GAAP loss per share of $3.85 in the fourth quarter of fiscal 2023 that included noncash impairment charges totaling $114 million, or $5.31 per share. Adjusted EPS is expected to be between $1.18 and $1.38 compared to adjusted EPS of $1.90 in the fourth quarter of fiscal 2023. The Company anticipates interest expense of $3 million in fiscal 2024, with interest expense expected to be $1 million in the fourth quarter of fiscal 2024. The Company’s effective tax rate is expected to be approximately 23% for the full year of fiscal 2024. Capital expenditures in fiscal 2024, including the $92 million in the first nine months of fiscal 2024, are expected to be approximately $150 million compared to $74 million in fiscal 2023. The planned year-over-year increase in capital expenditures includes approximately $75 million now budgeted in fiscal 2024 for the distribution center project in Lyons, Georgia. Additionally, we have been investing in new brick and mortar locations, relocations and remodels of existing locations resulting in a year-over-year net increase of full price stores of approximately 30 by the end of fiscal 2024, which includes approximately five planned to open in the fourth quarter of the year. We will also continue with our investments in our various technology systems initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation, including artificial intelligence, and infrastructure. Conference Call The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through December 25, 2024 by dialing (412) 317-6671 access code 13750235. About Oxford Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama ® , Lilly Pulitzer ® , Johnny Was®, Southern Tide ® , The Beaufort Bonnet Company ® , Duck Head ® and Jack Rogers ® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com. Basis of Presentation All per share information is presented on a diluted basis. Non-GAAP Financial Information The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release. Safe Harbor This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the impact of the recent elections in the United States; competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food & beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; unseasonal or extreme weather conditions or natural disasters, such as the September and October 2024 hurricanes impacting the Southeastern United States; lack of or insufficient insurance coverage; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; our ability to identify and secure suitable locations for new retail store and food & beverage openings; the timing and cost of retail store and food & beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2023 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.‘The smiling one’ Ruben Amorim says he can be ruthless when he needs to be

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MIAMI — A prominent human rights attorney has quietly parted ways with the International Criminal Court to protest what he sees as an unjustified failure of its chief prosecutor to indict members of Venezuelan President Nicolás Maduro ’s government for crimes against humanity, The Associated Press has learned. The Chilean-born Claudio Grossman, a former law school dean at American University in Washington and past president of the Inter-American Commission on Human Rights, was appointed special adviser to ICC Prosecutor Karim Khan in November 2021. In that unpaid position, he advised Khan on the deteriorating human rights situation in Venezuela. In a harshly worded email last month to Khan, Grossman said his ethical standards no longer allow him to stand by silently as Maduro’s government continues to commit abuses, expel foreign diplomats and obstruct the work of human rights monitors from the United Nations — without any action from the ICC. “I can no longer justify the choice not to take correspondingly serious action against the perpetrators of the grave violations,” Grossman wrote in an email rejecting an offer by Khan's office in September to renew his contract. A copy of the email, which has not been made public, was provided to the AP by someone familiar with the ICC investigation into Venezuela. A phone call by Khan asking Grossman to reconsider also failed, according to the person on the condition of anonymity to discuss the politically sensitive investigation. Get the latest breaking news as it happens. By clicking Sign up, you agree to our privacy policy . Following AP's inquiries with Khan's office, Grossman's name was removed from the court's website listing him as a special adviser. “The Prosecutor is extremely grateful to Professor Grossman for the expertise and work he has rendered,” the prosecutor's office said in a statement without addressing Grossman's stated reasons for cutting ties with the court based in The Hague, Netherlands. Grossman declined to comment. The pressure on Khan to indict Venezuelan officials, including Maduro himself, comes as he battles allegations of misconduct with a female aide and the threat of U.S. sanctions over his decision to seek the arrest of Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza. The Rome Statute that established the court took effect in 2002, with a mandate to prosecute war crimes, crimes against humanity and genocide — but only when domestic courts fail to initiate their own investigations. Calls for faster progress in the court's only ever investigation in Latin America have grown louder as Maduro tightens his grip on power, preparing to be sworn in for a third term Jan. 10 following an election marred by serious allegations of ballot box fraud and a post-election crackdown. More than 2,000 people were arrested and 20 killed following the vote. The U.S. and even some fellow leftist leaders in Latin America have demanded authorities present voting records, as they have in the past, to refute tally sheets presented by Maduro’s opponents showing their candidate, Edmundo González, prevailed by a two-to-one margin. Many in Venezuela's opposition have complained that the ICC is applying a double standard, moving aggressively to seek the arrest of Netanyahu and Russia’s Vladimir Putin for atrocities in Gaza and Ukraine while showing undue leniency with Venezuelan officials Khan has been investigating for more than three years. “There is no justification whatsoever for the inaction,” González and opposition leader María Corina Machado wrote in a recent letter to Grossman and 18 other special advisers to the court appealing for their help. “What is at stake is the life and well-being of Venezuelans,” they added in the letter, which was also provided to the AP by the person familiar with the ICC investigation. “This unjustifiable delay will cast legitimate doubts about the integrity of a system of accountability that has been an aspiration for the whole world.” At the request of several Latin American governments, Khan three years ago opened an investigation into Venezuelan security forces’ jailing, torture and killing of anti-government demonstrators. At the same time, he promised technical assistance to give local authorities an opportunity to take action before the ICC, a tribunal of last resort. Earlier this month, Khan delivered some of his harshest comments to date about the human rights situation in Venezuela, warning that officials’ repeated promises to investigate alleged abuses “cannot be a never-ending story.” “I have not seen the concrete implementation of laws and practices in Venezuela that I hoped for,” he said in a speech at ICC headquarters. “The ball is in Venezuela’s court. The track of complementarity is running out of road.” Maduro's government, in response, said in a statement that it “deeply regrets that the prosecutor is being led astray by campaigns that have emerged on social networks promoted by the extreme right, Zionism and Western powers seeking to apply legal colonialism against Venezuela." Some Venezuelan critics have linked what they view as foot-dragging to a potential conflict of interest involving Khan's sister-in-law, international criminal lawyer Venkateswari Alagendra, who has appeared on behalf of the Venezuelan government in two hearings before the court. An ICC code of conduct directs prosecutors to abstain from any conflicts that may arise from “personal interest in the case, including a spousal, parental or other close family, personal or professional relationship with any of the parties.” Alagendra has previously worked with Khan and his wife defending Saif Al-Islam Gaddafi, the son of the Libyan dictator, at the ICC. Khan's office declined to comment about the relationship. But in a filing this month seeking dismissal of a request for recusal filed by the Washington-based Arcadia Foundation, he said a sister-in-law is not a close enough personal relationship requiring automatic disqualification and that he doesn't recall ever discussing the Venezuela probe with Alagendra, who is just one of several attorneys defending the South American government. “No fair minded and informed observer would conclude that there is a real possibility of bias,” Khan wrote, adding that he continues to actively and independently investigate the situation in Venezuela. Those claiming to be victims of the Maduro government have pushed for the court to wrap up its investigation without taking a position on whether Khan should be recused. After millions of Venezuelans have fled Maduro's rule, many for neighboring countries, regional governments are also anxiously awaiting progress. “Many in Latin America expect the ICC prosecutor to have a more muscular response," said Juan Papier, deputy director for the Americas at Human Rights Watch. “The prosecutor’s office has spent too much time, so far fruitlessly, trying to work with Venezuela authorities to push for domestic investigations. Widespread impunity and lack of judicial independence in Venezuela make the ICC the most viable path for justice.” ____ AP Writer Molly Quell in The Hague, Netherlands, contributed to this report. _

Daniel Penny chose not to testify and defense lawyers rested their case Friday at his trial in the death of an agitated man he choked on a subway train. Closing arguments are expected after Thanksgiving in the closely watched manslaughter case about the death of Jordan Neely, 30. The encounter between Penny, a white Marine veteran, and Neely, a homeless Black man with mental health and drug problems, has been drawn into U.S. political divides over race, public safety and cities’ ability to handle mental illness and social ills. Penny, 26, has pleaded not guilty. Many criminal defendants don't take the stand, and juries are routinely instructed that they cannot hold defendants' silence — a constitutional right — against them. One of Penny’s lawyers, Daniel Kenniff, noted after court that jurors did hear from Penny, in the form of his recorded statements to police minutes and hours after he put Neely in a chokehold. “Virtually everything he said then is consistent with credible testimony of his fellow passengers," Kenniff said. Penny told police that he wrapped his arm around Neely's neck, took him to the floor and “put him out” because he was angrily throwing things and making threatening comments. Penny said on police video that he hadn't wanted to injure Neely but rather to keep him from hurting anyone else. A number of other passengers testified that they were scared of Neely and relieved that Penny grabbed hold of him. A man who later stepped in and held down Neely's arms, however, told jurors that he urged Penny to let go but that the veteran kept choking Neely for a time. Prosecutors say Penny meant to protect people but recklessly used too much force, overlooking Neely's humanity and making no effort to spare his life. City medical examiners ruled that the chokehold killed Neely. A pathologist hired by Penny's defense disputed that finding. Prosecutors, defense lawyers and the judge are set to meet Monday to hash out jury instructions.Bill Ackman is a billionaire nine times over, according to Forbes . He made his vast wealth by running Pershing Square Capital, the hedge fund he founded 20 years ago. He increased his fame (and made a lot of money) during the financial crisis by betting against bond insurer MBIA and rescuing mall operator General Growth Properties. Ackman has a concentrated investment style. His fund typically has 10 holdings or less, and when he finds something he likes, he bets big on it. One stock he recently loaded up on is Brookfield (NYSE: BN) -- which also happens to be one of my favorite stocks and top holdings. Here's why I think buying Brookfield was a wise move that will likely make Ackman even more money. Are You Missing The Morning Scoop? Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Betting big on Brookfield Ackman has been buying shares of Brookfield hand over fist. His stake in it has multiplied five-fold since June to 22 million shares. That position is currently worth over $1.7 billion, which is about 13% of his hedge fund's assets, making it the top holding. Brookfield isn't a household name among most investors, and the Canadian investment manager's operation might seem a bit complex at first glance. It has three core businesses: Asset management : The company owns a 73% interest in a leading alternative investment manager, and its Brookfield Asset Management business has over $1 trillion in assets under management . Wealth solutions : The company provides a variety of insurance products and services, including annuities, personal and commercial property and casualty insurance, and life insurance. Operating businesses : Brookfield has operating businesses in renewable power ( Brookfield Renewable ), infrastructure ( Brookfield Infrastructure ), business and industrial services ( Brookfield Business ), and real estate. In many ways, Brookfield is like a mix between Berkshire Hathaway and Blackstone . Similar to Berkshire, it has insurance operations and invests capital on behalf of investors into operating businesses (and its funds). Meanwhile, it also owns a large stake in a leading alternative asset manager that rivals Blackstone in size and expertise. Brookfield also has a strong leader, CEO Bruce Flatt, whom many have called the Warren Buffett of Canada. Like Buffett, Flatt is a value investor with a phenomenal track record of allocating capital to grow shareholder value. He's been with the company since 1990 and has been CEO since 2002. Over the last 20 years, Brookfield has delivered annualized total returns of 16%. That handily beat the S&P 500 and Berkshire Hathaway, both of which delivered annualized returns of about 11% during that period. What makes Brookfield such a smart investment right now Flatt believes Brookfield's best days lie ahead of it. Its long-term target is to deliver annualized returns of 15% or more over the long term. The company is in a better position than ever to achieve that. A few factors support that view. First, Brookfield believes the market is undervaluing the company today. Management estimates that the stock should trade at around $84 per share based on the earnings capacity of its core franchises. That's significantly above its current price of less than $60 per share. On top of that, Brookfield has significant embedded growth. The company expects to grow its earnings per share by more than 20% annually over the next five years. That forecast is based on the expected continued expansion of its asset management and wealth solutions businesses, the carried interest in its investment funds (its share of the profits), and its ability to adeptly allocate the excess capital generated by its operations. Brookfield expects to produce a cumulative $47 billion, or $30 per share, of free cash flow over the next five years, giving it plenty of cash to allocate toward growing shareholder value. The growth drives the company's belief that it will increase its underlying value to $176 per share by 2029 . That would amount to an annualized growth rate of 16% from its current estimated value and more than 25% from its actual share price. Ackman is right; Brookfield is a brilliant buy Brookfield and its subsidiaries are among my top holdings. I've held shares for more than a decade and routinely add to my position because Flatt is such a fantastic wealth creator. Like him, I believe Brookfield's best days are still ahead of it, which is why I think Ackman's decision to load up on shares is a brilliant move. I expect that decision will make him and his investors a lot of money. Don’t miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this. On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $380,291 !* Apple: if you invested $1,000 when we doubled down in 2008, you’d have $43,278 !* Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $484,003 !* Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon. See 3 “Double Down” stocks » *Stock Advisor returns as of November 18, 2024 Matt DiLallo has positions in Berkshire Hathaway, Blackstone, Brookfield Asset Management, Brookfield Corporation, Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners, Brookfield Renewable, and Brookfield Renewable Partners and has the following options: short January 2025 $60 calls on Brookfield Corporation. The Motley Fool has positions in and recommends Berkshire Hathaway, Blackstone, Brookfield, Brookfield Asset Management, and Brookfield Corporation. The Motley Fool recommends Brookfield Infrastructure Partners, Brookfield Renewable, and Brookfield Renewable Partners. The Motley Fool has a disclosure policy . Billionaire Bill Ackman Recently Bought One of My Favorite Stocks. Here's Why I Think It Was a Brilliant Move. was originally published by The Motley Fool