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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (3797)	4/10/1998 9:13:00 PM
From: Wright Sullivan	Respond to of 78516

TRC, been there, done that. I should have known y'all had gone there already. I think you have a very good point regarding SJP's flexibility and potential. They have land in the right place, and have management who knows how to develop it on a large scale. I think that SJP is way ahead of the development curve compared to TRC. But development is a slow process, and the really big gains from SJP are likely to be several years out. Another stock I mentioned, TPL (Texas Pacific Land Trust), is, well, bizarre. This outfit will sell their land, but won't seek buyers. They are the largest private landowner in the state of Texas (sound familiar?). Most of their land is West Texas scrub but some is prime El Paso real estate. The Yahoo msg boards on TPL make a very interesting read. But there is no development potential like St. Joe, and West Texas appears to be going nowhere fast. TPL is (slowly) selling off the land, while also (quickly) doing share buybacks . As one astute fellow on Yahoo put it, "The last shareholder left standing at the end is the winner. Thus, this is a no-brainer holding if you live long enough." (a value stock, but only for your heirs' heirs?). Anyhow, even if TPL is well underpriced, it's hard to see how that value will be unlocked anytime soon. With St. Joe, we know we have management capable of unlocking the value of the real estate assets. I agree with you. I think I'll add a few more shares of SJP and leave TRC alone.