Einhorn Flogs St. Joe

[dual_bid]

Anyone short could be in some trouble with any positive news around the company.

And if they do take impairments, they'll do it slowly.  Cheers!

 

1. More so, anyone long could be in trouble with any negative news...

2. Slowness won't matter... see point 1. Market will immidiately assume future impairments.

3. Anyway, I think Einhorn already won as he entered at +$50 back in 2007.

[Guest]

Einhorn has been bearish on JOE for a long time...at least since 2007.

 

 

http://seekingalpha.com/article/43862-on-st-joe-s-swampland-david-einhorn-of-greenlight-capital-responds

 

 

I believe back during the Value Investing Congress in May, Berkowitz admitted that his grandchildren might be the ones to make money on JOE. I'm thinking he has a much longer term perspective on the company than Einhorn.

 

[Ballinvarosig Investors]

St Joe hits new lows today and appears to be approaching Einhorn's valuation of the company.

[augustabound]

I'm going through all of Third Avenue's letters and found this in the second quarter of this year for the Third Avenue Real Estate Fund,

The Fund sold its position in St. Joe Common. After a

very public debate with short-seller David Einhorn, Bruce

Berkowitz, who manages the Fairholme Fund (30% owner

of St. Joe Common), forced changes to St. Joe’s executive

team and board of directors. While Fund Management

continues to believe that St. Joe Common is trading at a

substantial discount to private market value, we were not

comfortable continuing to own shares in a company

without a proven management team nor a coherent

business plan.

 

My bold.