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"

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Here's an innocent looking slide: Just a reference to an executive bio, right?

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And who doesn't love Mickey Mouse — especially in a wizard's hat?

(Wait for it… Wait for it…)

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SMACK!

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Nantucket: Gorgeous!

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Hilton Head: Beau-tee-ful!

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Napa: Simply to die for.

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Ouch!

JoCo: Not so much…

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But if you want to see something really ugly…

Take a look at these numbers. What do they say about the long term

profitability potential for real estate development at JOE?

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Will the bears ultimately have their way with JoCo?

It's difficult to say. According to an article in The Wall Street Journal, Einhorn believes that the $2.27 billion publically traded

company should be trading around — or below — ten bucks a share.

That's nowhere near its current $20-$28 trading range.

Berkowitz has yet to respond with a snappy slideshow of his own — but

he did buy 135,600 shares after Einhorn's presentation.

By the way, if you want to check out the full Einhorn slideshow, Bess Levin at DealBreaker is serving it up.

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