Fund Manager Smackdown!
It's fun when really rich guys fight. Especially when they do so publicly: there are deep pockets, the potential for ugly proxy fights — and, best of all, snarky slide shows.
Here's the background on the players: David Einhorn is a hedge fund manager, best known for making a killing shorting Lehman Brothers before they went bankrupt; Bruce Berkowitz is an equity fund manager, best known for being named Morning Star's Domestic-Stock Fund Manager of the decade.
According to the New York Post, the guys are engaged in a full on smackdown over a land development company called St. Joe Company.
The short version of the story is that Berkowitz is long and Einhorn is short: Berkowitz is St. Joe's largest shareholder, and a true believer in the project; meanwhile, Einhorn is aggressively pitching the notion that the company is wildly overvalued — and he stands to benefit handsomely with his short position if the stock price falls.
So Einhorn created a slideshow. The Title? "Field of Schemes — If You Build It They Won't Come"
Here's an innocent looking slide: Just a reference to an executive bio, right?
And who doesn't love Mickey Mouse — especially in a wizard's hat?
(Wait for it… Wait for it…)