1. Both Brookfield Corporation and Brookfield Asset Management have delivered outstanding returns since the last bullish article; 2. The article focuses on how BN and BAM earn money and the implications going forward; 3. Expected growth in Private Funds and BWS Capital should be favorable for BN due to the fee structure of BAM and spread earnings potential for BN; 4. The analyst downgrades BAM from 'buy' to 'hold' and BN from 'strong buy' to 'buy'.