Nope, my position remains unchanged.
Joe as a stock does not meet any of my investment criteria.
forget the stock then what about South Walton? Is it beautiful?
To me its the most beautiful beach in the North America. It dawned on me while in Park City a few short weeks ago, and I came upon listings for shacks that were "walk to lift, walk to town" for a two and three milliion apiece, and it hit me right there very hard that not only was I right about JOE, but that at least on a relative basis, South Walton was incredibly undervalued, as opposed to mountain real estate out west. Beach real estate is more unique than its given credit for currently, and the BP spill and the 04-06 Hurricane spike has put the undervaluation to out-of- control levels. Afterall, they could put 50 more Park Cities up in Northeast Utah, on any given mountain ridge they choose, and same goes for Aspen or Vail and on and on, but there really isn't that much lineal beach frontage as pricing in South Walton would make one now believe, and South Walton has the unbelievably unique characteristic of no buildings over 48 feet (or thereabouts??), which is an exponentially limiting factor over the long term for units when you look at what can be very close to the beach.
I'm not saying mountain vs. beach. I'm saying that if I can buy a run down "walk to lifts" 3 br home in Park City, where I want to spend 14 days a year, for 2.7 Million, shouldn't a similarly run down 1750 sq. ft 3 bedroom in Seagrove or Seacreste that I can walk to the beach or Seaside be worth more a bit more than 270K, if not 2.7 M?? I say long JOE, and if in doubt, short MTN against it.
That's all for now folks, I'll check back in a few weeks.
Enjoyed it.