St. Joe Company stock decline about 10% after Einhorn’s presentation from over $24 to around $22 yesterday. At the time of this writing, the stock declined another 9% to a little over $20 per share.
Einhorn’s prophet appears to be self fulfilling.
In the mean while, Premium members of GuruFocus should have noticed that Berkowitz’s added to his position yesterday. According to GuruFocus data, Berkowitz added 0.35% to his position at the price of $22.16 per share. Currently he owns 26,891,820 shares exactly, making the stock accounts for 5.71% of his total stock portfolio. Currently he owns 29.1% of total shares outstanding.
Apparently, instead trading words with super-investor Einhorn, Berkowitz debated with real money.
Our record also shows that on Oct.8, 2010, Berkowitz added 11.39%to his American International Group (AIG), bringing the total to 36,657,349 shares or 15.01% of his stock portfolio. This is the second time that Berkowitz added to his position in the largest recipient of government bailout money.
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The following video by Morningstar is a few months old. We are not sure if Berkowitz will ever respond to Einhorn, but this short essay represented his point of view less than five months ago: