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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (3924)4/26/1998 8:42:00 PM
From: James Clarke  Read Replies (2) of 78465
 
Mike, couldn't have said it better myself.

St. Joe Corp. When I bought this stock, nobody had ever heard of it except a bunch of frustrated value investors. I made it the largest position in my portfolio, then bought more all the way up. We're talking a $21 cost basis in late 1996. Not including a $3.33 a share cash dividend it kicked out a year ago. The reason I bought it was that it was a $21 stock with assets worth $30-35 and a strong catalyst. The catalyst fired, everything went right and the stock went up to 35 (not including the dividend). A 75% gain in a little over a year where there was never any risk I saw at the price I paid.

Now it appears as a feature in business magazines, and I just don't see the upside as clearly as I did before. The investor (one of two instititional investors in the stock when I bought. Him and Mike Price) who brought this one to my attention started to sell.
Some value investors I know called me crazy when I told them this would be a big winner when I bought it. Now the same people question whether I am missing something. Sounds like a perfect buy and sell for a value investor. Nobody on this thread was at all interested in this stock when it was a steal - I tried and tried but never even got a response until it went up. Why are people interested now? There may still be a lot of money to be made in St. Joe, and I continue to own a little, but this is not my game.

Jim
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