Jurgis,
James will have to answer for himself, but realize that he has
big gains in this stock, and he bought it when he was the only
one who saw the potential. If you check out his posts on the
Motley Fool boards, he was like the oracle of delphi on this stock
going back the last few years.
When a stock has done everything he thought it'd do, and now
he's counting on management and incremental gains, I can
see why he'd sell.
St. Joe is not now drastically undervalued. But by my calculations
it is at the low end of its net asset value range, with only
upside in every area and very little if any downside. You have to believe in management. I talked with an officer there, and he made
me a believer. I've also poured over every inch of their SEC filings
in the last two years, and I didn't see anything I didn't like. That's
very rare for me. But if you don't believe in management, it's hard to see the potential in the stock, even if you see the leverage in
the land and the limited downside.
Mike |
