L - O'Keefe Stevens Advisory Q1 2022 Update

• We are long-term, patient, and active value investors. Our mission is to be responsible stewards in our clients’ financial lives. Our objective is to seek long-term growth of capital.
• Within the O'Keeffe Stevens portfolio, positions thought to have aligned management teams were proven incorrect recently, and others on our watchlist have exhibited similar fates.
• Unreasonable incentive compensation packages for management teams delivering minimal shareholder value are far too prevalent.
• Achieving specific ROI measures, organic growth targets, or margin profile should be long-term drivers of business fundamentals.

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