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No. of Recommendations: 6
have been struggling to really - really - understand this and maybe getting a clue

I figured I'd look at the income statement (what a shock!). Which isn't easy but it is on page 12 of the EA release I'm thinking.

So - if I have this straight

is 8.41b

Company has 300m more cash than debt
So go with 8.1b
For year
Management fees
764.5m in management fee - they do close to a 1% fee rate and had roughly 77b in fee based assets
I think this is right
So as AUm goes up or down, so would management fee income
Incentive income
I'm assuming these are all those hedge fund fees people are crazy enough to buy
they did 491m vs. 1.030b last year
So you would expect it to move crazy up and down
Who knows - you would need to know a lot of things
Investment Income
this threw me for a loop considering 300m in net cash on BS
but on page 19 they list the income from the funds they have
which I think is their minority stake in those funds
Wow, do they rake in the money
AS you would expect

I'm just trying to figure out why OAK has gone from $45 to $55 recently

At 45 6.58 EV.
And they own a stake in DoubleLine

I need to look long and hard at the Fund data too
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