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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (6140)	3/1/1999 9:52:00 AM
From: Wright Sullivan	Read Replies (1) of 78470

For anyone still interested in St. Joe: St. Joe Co. (JOE) announced today that they are auctioning 800,000 acres of non-developable property. This follows JOE's comprehensive analysis which determined their long-term development plans and identified which parcels are in the path of their development and which may be sold. I continue to like JOE's prospects as a long term (retirement account type) holding, and the price is now very reasonable. CEO Rummell has focused JOE on a development strategy. Recent acquisitions (e.g. Prudential FLA Realty) need further review but they are headed in the right direction. I don't see a specific catalyst on the horizon for JOE, but it is a company in transformation and I like their assets and where they're headed. All that being said, JOE's related RR company, Florida East Coast Industries (FLA), also bears looking at because may offer a better opportunity in the near term. FLA hs two significant assets besides the railroad: Valuable real estate (being developed in conjunction with JOE), and lots of fiber optic cables connecting most of Florida's population centers. FLA bears watching over the next couple years.

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