market folly

Broyhill Asset Management recently released a slideshow presentation with their pitch on Oaktree Capital (OAK).  Entitled "Solid as an OAK," they believe it's an exceptional company trading at a significant discount to intrinsic value.

Oaktree is one of the most widely recognized credit managers in the industry and shares of the company went public earlier this year.  We've covered commentary from their Chairman Howard Marks numerous times as it's one of Warren Buffett's favorite reads.


Broyhill's Thesis on OAK

They feel OAK is:

- Run by superior management with high ownership interest
- Has favorable industry tailwinds
- Has a catalyst for realizing value

They see accelerating cash distributions in 2013 and 2014 as a catalyst for investors.

Other notable institutional owners of OAK shares as of the end of Q3 include David Einhorn's Greenlight Capital, Kingdon Capital, as well as Farallon Capital.


Embedded below is Broyhill's full presentation: Solid as an OAK:





For more on this stock, Brooklyn Investor has also published a series of research on it, highlighting OAK's stake in DoubleLine Capital.