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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (4913)8/31/1998 7:58:00 PM
From: Wright Sullivan   of 78730
 
James-

I know you sold your St. Joe, but would you mind revisiting it for a moment? St. Joe is sagging near 20, which is about where it was when Rummell took over. If it was a good value then, what is different now? Is it that the "undiscovered asset+catalyst" story has played out and isn't likely to repeat? Seems to me that we are pretty darned close to where we were a year and a half ago, both with St. Joe and the market.

St. Joe is a long term asset play, but that has not changed, either.

The only new negative I see is that investors who subscribed to the offering at $34 are feeling pretty lousy about St. Joe right now. So the pool of interested investors may be smaller today.

I see St. Joe as a good way to acquire good value and add real estate balance to a stock-heavy portfolio. With your knowledge of real estate investing in general and St. Joe in particular, I'd be interested in your current take.

Thanks,
Wright
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