Clash Of The Titans (JOE)

In what turn out to be a clash of the titans of the hedge fund world, Bruce Berkowitz of Fairholme Capital added to his stake in The St. Joe Company JOE, by buying 100,000 shares at $22.21. This came right after David Einhorn's presentation at the Value Investing Congress, in which Einhorn laid out a case that the company is essentially a fraud, and should be worth $7-$10 per share, far lower than where shares currently are. Jim Grant of the Interest Rate Observer also likes the company. This could turn out be a better fight than anything UFC or boxing has put on in years. Stay tuned on this one.