Thursday, February 17, 2011

David Einhorn On St. Joe

"There is a considerable gap between timberland and conservation values that support a single-digit share valuation for St. Joe and the current public market valuation that implies that undeveloped rural land in the Florida Panhandle is worth more than Iowa farmland. The land values don’t justify the stock price. We do not believe cutting some executive compensation expenses or installing a new management team would bridge that gap."

David Einhorn

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