BGC - O'Keefe Stevens Advisory Q1 2024 Investor Letter

2024-04-26 05:00:00 ET

Summary

• We are long-term, patient, and active value investors. Our mission is to be responsible stewards in our clients’ financial lives and seek long-term growth of capital.
• After discussing GrafTech's challenges throughout 2022 and 2023, Groundhog Day came early in 2024, with the stock declining 39% in January.
• During the quarter, BGC Group announced several milestones and key elements of our thesis.
• In January, after many delays, BGC announced FMX Futures Exchange received CFTC approval and would soft launch in the summer.

A Welcome Surprise

After discussing GrafTech's ( EAF ) challenges throughout 2022 and 2023, Groundhog Day came early in 2024, with the stock declining 39% in January. The selloff likely stems from indiscriminate selling by Brookfield Asset Management and shares distributed by BAM due to the fund ending. We were again left wondering what we were doing in this business and stock. However, when things look bleakest, the sun rises....

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