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  • DARK HORSE HEDGE – Goodbye Yellow Brick Road, JOE 0 comments
    Oct 20, 2010 3:29 PM | about stocks: JOE
    DARK HORSE HEDGE – Goodbye Yellow Brick Road, JOE

    By Scott Brown at Sabrient, and Ilene at Phil’s Stock World

    Margaret Hamilton, as The Wicked Witch of the West, hides behind a tree from Dorothy, played by Judy Garland (1922 - 1969), and the scarecrow as they make their way down the yellow brick road in a scene from

    You know you can’t hold me forever
    I didn’t sign up with you
    I’m not a present for your friends to open
    This boy’s too young to be singing the blues

    Maybe you’ll get a replacement
    There’s plenty like me to be found
    Mongrels who ain’t got a penny
    Sniffing for tidbits like you on the ground

    So Goodbye yellow brick road – Elton John

    We entered a virtual short position in JOE in the virtual portfolio Dark Horse Hedge on July 1, 2010 at $23.74 .  There is currently an ongoing battle between star fund manager Bruce Berkowitz (long) and David Einhorn (short) http://www.fool.com/investing/value/2010/10/19/berkowitz-vs-einhorn-the-battle-for-st-joe.aspx . 

    We don’t know when or where that argument will land and with a 13%+ profit we prefer to go back to the farm and look for a replacement.  No doubt there are plenty like JOE to be found with the market at these levels.

    Buy to Cover, JOE at the market, Wednesday October 20, 2010.

     



    Disclosure: none
    Stocks: JOE
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