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DARK HORSE HEDGE – Goodbye Yellow Brick Road, JOE

|Includes: St Joe Co. (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