Brookfield Asset Management (BAM) has been one of the best performing dividend stocks in terms of price appreciation over the past decade. The company has over $385 billion in assets under management [AUM] and $164 billion in fee bearing capital. The stock increased from below $9 in the beginning of 2009 to the current price of over $52. That is a gain of 478% as compared to the S&P 500'S (SPY) gain of 292% over the same time period. BAM's performance was driven by the company's strong FFO (funds from operations) growth over the long-term.

Brookfield has a good chance to continue their strong performance as management employs their effective strategy and from multiple competitive advantages. These factors have the potential to drive double-digit FFO growth for most years. That should be the positive catalyst needed to drive the stock to outperform the S&P 500 going forward. The following is my long-term thesis for Brookfield.

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