As you may know, on Wednesday, David Einhorn made the announcement to the public that he’s shorting St. Joe.At the recent Value Investing Conference, which was attended by over 500 people and covered by dozens of media outlets, Einhorn gave an emphatic 139-page presentation on why he’s shorting St. Joe, a real estate development company.
Einhorn had apparently emailed Fairholme Capital Management’s Bruce Berkowitz, a mutual fund manager who’s a loud fan of and investor in St. Joe, before he gave his presentation to ask if Berkowitz would debate him about the stock.
And today, Berkowitz told Reuters, “I’d buy the whole company if I could.”
Turns out, as soon as news broke that Einhorn was shorting St. Joe, Berkowitz went and bought 135,600 extra shares.
His only wish is that he could buy more of it.
“If we were able, we would buy the whole company,” Berkowitz told Reuters.
Buy more of it and buy Einhorn a present.
“I want to send him a box of chocolates.”
“This is the kind of advertising you just can’t buy. The company should hold a David Einhorn Memorial Investment Week.”
So now we know why Berkowitz never responded to Einhorn.
“Why would I want to talk to him?” Berkowitz told Reuters.
“If someone wants to lower the price of a product I’m buying, I’m OK with that. We’re long-term investors here.”
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