Category Archives: Einhorn

Berkowitz to Einhorn: Re St. Joe

“If we were able, we would buy the whole company,” Berkowitz told Reuters. Einhorn “has put a big spotlight on this company. My advice is everyone should enjoy it and take advantage of it.”

Berkowitz said: “If David wants to create an asset at a cheaper price for me to buy, thank you.”

In response to Einhorn’s lengthy presentation, Berkowitz had this to say: “he [Einhorn] came out with a large presentation which pretty much said, “St. Joe is swampland.” He’s been saying that for a couple of years now, hasn’t he? There’s nothing new in that.”

According to, Berkowitz has a standstill agreement with St. Joe’s management that prevents him from buying more stock, but he would like to open discussions with management and other parties regarding a buy-out.

Einhorn Shorts St. Joe

Einhorn thinks St. Joe should be shorted because its book value overstates the true value of its assets. He claims that at best the shares, which currently trade for $22, are worth $10 in his VIC presentation.

This is just the latest salvo in an ongoing battle between Einhorn and others like Berkowitz and Whitman who are long the stock.

Broyhill has presented a detailed report defending the bullish thesis.