Each year, we present our best investment ideas. Last year, we discussed Ocean Shore Holding (OSHC), while this year we presented Gramercy Capital (GKK) in December and discussed it on Bloomberg TV in January. We have publicly filed positions in each company. Due to changes at GKK, we want to update our analysis. The new management team has taken major steps to execute their business plan since the beginning of the year. While the common stock is up by more than 25% year to date, the market price has not kept pace with developments.
Revisiting our thesis, GKK's new management team continues to execute on the plan that it laid out in mid-September. It...