2024-02-08 09:05:00 ET
Summary
- I want to focus on the significant slowdown in battery electric vehicles (BEV) growth - the slowdown I have long predicted is materializing.
- I believe the slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation.
- I believe GTX is an opportunity where we stand to lose little if wrong while making a great deal if proven right.
The following segment was excerpted from this fund letter.
Garrett Motion ( GTX )
GTX had positive news during the year and was a significant contributor to our overall gains. GTX announced a substantial one-time preferred dividend along with the conversion of the preferred shares, which we primarily owned, while simultaneously repurchasing roughly a quarter of the overall shares outstanding from the controlling shareholders. I view both events favorably and we retain a large position....
Read the full article on Seeking Alpha
For further details see:
McIntyre Partnerships - Garrett Motion: An Update On Our Risk/Reward Framework