Doug Kass pairs a short of Goldman Sachs (GS) against a long in Oaktree (OAK),...
Sunday, July 29, 2012, 8:36 AM ETDoug Kass pairs a short of Goldman Sachs (GS) against a long in Oaktree (OAK), the investment management firm run by Howard Marks. OAK is off 14% since its April IPO and trades at a discount to other asset managers, even with Marks' impressive track record - especially during difficult markets. Goldman's a value trap as cyclical and secular changes mean the bank's days of 25-30% ROE aren't coming back.
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