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

To: Jurgis Bekepuris who wrote (3921)	4/26/1998 11:25:00 AM
From: Michael Burry	Read Replies (2) \| Respond to of 78462

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