Money Investor
Long/short equity

The St. Joe Company: Special Situation With Potential Significant Capital Return

St. Joe (NYSE:JOE) is a company you probably have not heard of, unless you spend time following the epic battles of high profile fund managers who take opposing stakes in companies and then wage public battles about who has taken the correct position. Over the past few years, David Einhorn has publicly ridiculed the valuation applied to St. Joe first via a lengthy presentation during the peak of the real estate crash and as recently as late 2013 by sharing his opinion that the shares of the company were only worth $7. On the flip side, Bruce Berkowitz of the Fairholme Company, has waged the exact opposite battle, putting his money where his mouth is as his firm ...

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