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
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.