O'Keefe Stevens Advisory Q1 2026 Investor Letter
O'Keefe Stevens Advisory reported a defensive stance in Q1 2026 amid a negative quarter for equities, with the S&P 500 and Nasdaq falling 4.3% and 7% respectively. The firm reduced exposure to several positions including Alibaba, BMW, and Mercedes-Benz, while maintaining a high cash position as valuations reset, particularly in the software sector which saw a 22.5% decline. Corning emerged as a top performer due to strong execution and a major deal with Meta, though concerns about its elevated valuation persist. The letter emphasizes disciplined valuation-based investing rather than market timing.
- ▪The S&P 500 declined 4.3% in Q1 2026, marking its first negative quarter since Q1 2025.
- ▪O'Keefe Stevens sold positions in Alibaba, Fannie Mae, BMW, Mercedes-Benz, and Tri Pointe Homes, while trimming Corning.
- ▪The S&P Software Index dropped 22.5% in the quarter as AI-driven valuations corrected sharply.
- ▪Corning surged 55.6% in the quarter following a $6 billion deal with Meta and raised sales targets under its Springboard plan.
- ▪The firm maintained a high cash position, citing valuation discipline and uncertainty around inflation, oil prices, and interest rates.
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