Valuing JOE

Back in June of 2018, I wrote an initial piece on St. Joe Co (NYSE:JOE), owner of approximately 175,000 undeveloped acres along with assorted commercial real estate on the Florida Panhandle. My thesis was that the stock was trading at $18 and the land was worth a few times that figure. However, without a catalyst, I lost interest and focused on other investments with immediate catalysts. Normally this would be the end of the story; just another value stock trading at a fraction of fair value, lost in an ocean of value stocks. However, a lot has changed in two years and JOE is now my largest po…

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HEDGE accordingly