TSLA - O'Keefe Stevens Advisory Q4 2023 Investor Letter

2024-01-27 02:40:00 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.
• 2023 was an eventful year, with our largest position Nvidia appreciating over 200% as AI became mainstream.
• Our NVDA position is like a boxer that will not stay down. We trim it, only to have the stock increase daily, making it a substantial position once again.

2023 was an eventful year, with our largest position, Nvidia ( NVDA ), appreciating over 200% as AI became mainstream. Despite cautious commentaries from analysts and management, the market, especially in tech, delivered an outstanding year. Listening to dozens of conference calls with the same underlying theme shaped what we expected to be a below-average return year. Setting a low bar is a recipe for delivering better-than-feared results.

In my Q4 2022, l made three predictions:...

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