I looked at OAK over a year ago. At that time, I thought OAK was worth at least $38, and more likely close to $54 based on normalized earnings.
I added to the position earlier this year, when the price dipped to $40.
Over the past week or so it dipped back to the low $40s, after spending much of the year in the mid to upper 40s.
The overall narrative remains unchanged. It is a high-quality asset manager, focused on debt securities, which seeks to earn money the right way – by making outsized returns for its clients. With the stock market getting somewhat frothy, it remains poised to capitalize on any significant downturn or crash.
The year-to-year performance of OAK is quite lumpy. The IV increased from $38 to $66 based on TTM numbers. I believe that the average numbers are probably more reliable. They suggest that the IV remained roughly unchanged (increase from $54 to $57).
Based on these numbers, OAK is looking attractive at these levels.