David Einhorn · conference-presentation
The St. Joe Company (JOE)
139 pages · 5 arc beats · 2 loops
The St. Joe Company (JOE)
David Einhorn · 2010-10 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 12 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem Statement 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits — 0/1 slides
100% 1/1 slides — 0/1 slides
100% 1/1 slides — 0/1 slides
Expose Contradiction 2 slides 100% 2/2 slides 100% 2/2 slides · 11 hits — 0/2 slides
— 0/2 slides
100% 2/2 slides 100% 2/2 slides — 0/2 slides
Complication 3 slides 100% 3/3 slides 100% 3/3 slides · 16 hits — 0/3 slides
66.7% 2/3 slides — 0/3 slides
100% 3/3 slides — 0/3 slides
Evidence 4 slides 100% 4/4 slides 100% 4/4 slides · 17 hits — 0/4 slides
— 0/4 slides
25% 1/4 slides 100% 4/4 slides — 0/4 slides
Key Takeaways 2 slides 100% 2/2 slides 100% 2/2 slides · 6 hits — 0/2 slides
— 0/2 slides
— 0/2 slides
100% 2/2 slides — 0/2 slides
Slide inventory
139 every slide · same image gating as the playbook
05
The slide uses a simple, high-contrast design typical of older corporate presentations.establish_context
07
Includes a disclaimer about the use of Disney marks at the bottom.establish_context
09
This slide serves as a visual filler or mood board for a presentation about Nantucket.other
12
The slide serves as a visual survey of the location, likely for a real estate or development presentation.establish_context
14
The slide uses a dashed arrow to visually connect the Rural Land total to the main takeaway box.analyze_data
Open slide detailLoop · Pattern Hunter
15
The slide uses a specific calculation to derive value per acre sold based on retained earnings and dividends.analyze_data
Open slide detailLoop · Pattern Hunter
16
The slide outlines the land holdings and development capabilities of the St. Joe Company.summarize
Open slide detailLoop · Pattern Hunter
18
The slide uses a historical timeline approach to establish credibility and long-term commitment.establish_context
19
The slide uses a direct quote to establish the company's strategic positioning and confidence in growth.establish_context
20
The slide uses a 'sum-of-the-parts' logic to imply that the core airport land covers the entire company valuation, making the remaining land 'free'.show_valuation_bridge
21
The slide uses a Google Earth screenshot to provide geographic context for a specific land asset.establish_context
22
The slide serves as a visual anchor for a specific geographic asset.establish_context
23
The slide serves as a visual transition or context-setting page.establish_context
24
The slide uses a map overlay to show specific land parcels available for development.establish_context
25
The slide uses a satellite map to visually demonstrate the 'inside' vs 'outside' the fence distinction.frame_problem
Open slide detailBeat · Problem Statement
26
The slide uses a callout box to point to a specific clause in a legal document excerpt.expose_contradiction
Open slide detailBeat · Expose Contradiction
27
Uses photographic evidence to undermine corporate claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
The slide includes a red circle highlighting the total average price per acre.analyze_data
31
The slide uses a simple sensitivity analysis table to derive a valuation range based on price per acre.show_valuation_bridge
33
The slide uses a map of Florida with red annotations to draw attention to specific geographic areas.establish_context
34
The slide uses a quote to validate the company's strategic focus on land-use entitlements.summarize
35
The slide highlights 'Total Investment in Real Estate' with a red border.analyze_data
36
The slide provides a breakdown of real estate assets and reconciles to a total investment figure.analyze_data
38
The slide uses a dark background with high-contrast colored lines to emphasize the downward trend.diagnose_problem
Open slide detailBeat · Complication
39
Source: 2Q 2010 10-Q (note: totals may not tie due to rounding)analyze_data
Open slide detailBeat · Complication
40
The slide uses a dramatic headline to frame the data as a business failure.diagnose_problem
Open slide detailBeat · Complication
41
The slide highlights a potential discrepancy between the scale of investment and the reported impairments.expose_contradiction
Open slide detailBeat · Evidence
42
The map shows specific project locations relative to major cities and the airport in the Florida Panhandle and North Florida region.establish_context
Open slide detailBeat · Evidence
43
Source: JOE 2009 10-K. Note (1) combines multiple WaterSound locations.analyze_data
Open slide detailBeat · Evidence
44
The table includes a subtotal and adjustments for accumulated depreciation to arrive at the total investment.analyze_data
Open slide detailBeat · Evidence
45
The table includes a subtotal and an adjustment for accumulated depreciation to arrive at the final investment value.analyze_data
46
The table provides a comparative view of project progress and commercial potential.analyze_data
49
The slide uses a direct quote from a corporate filing to establish the project's baseline parameters.establish_context
50
The slide highlights 'RiverTown' with a red box. Data includes project acres, units, and commercial entitlements.analyze_data
51
The slide uses a direct excerpt from a court document to establish a precedent or evidence of a failed development project.cite_precedent
53
Includes a red oval highlight around the 'Cumulative Completed' residential units and lots platted.analyze_data
54
The slide includes a primary map with a legend and an inset map showing regional road access.establish_context
55
The slide highlights a specific calculation of $81,111 as the average cost to develop a lot.analyze_data
56
The slide uses a primary source document to validate a specific transaction volume and price point.cite_precedent
57
The slide uses a legal document (Special Warranty Deed) as a primary source to validate a specific transaction and price point.analyze_data
59
The slide uses a map-based visualization to show real estate development progress.establish_context
62
The slide highlights a specific data point (106.3 months) to emphasize the oversupply of vacant developed lots.analyze_data
63
The slide highlights a specific row in a financial schedule to derive a valuation figure.analyze_data
64
The slide uses a dark background with high-contrast text, typical of a forensic or activist investor presentation.summarize
Open slide detailBeat · Key Takeaways
67
The slide uses a 'bait and switch' framing: acknowledging a positive asset (WaterColor) only to dismiss its future financial relevance.name_villain
68
The slide highlights the 'WaterColor' project row within a larger table of real estate development data.analyze_data
69
The slide uses a Google Earth satellite image to provide geographic context for a real estate development.establish_context
71
The slide uses a direct quote from a corporate filing to establish project scope and timeline.cite_precedent
73
The map uses color-coding to distinguish between sold lots (pink), unsold properties (green), and houses (yellow squares).analyze_data
76
The map uses color-coded overlays on an aerial photograph to visualize real estate inventory status.analyze_data
77
The slide highlights a specific data point (211 units) with a red circle.analyze_data
82
The slide highlights a significant prison population percentage.establish_context
83
The slide displays a scanned legal document (Ordinance 2003-4) and a Google Earth satellite view of the Cutter Ridge site.illustrate_case
84
The slide appears to be a site visit photo or project location reference.illustrate_case
85
The slide highlights 'Cutter Ridge' in the table and provides a definition for 'in development' projects.analyze_data
86
The slide highlights 'Cutter Ridge' and 'In Pre-Development' projects with red ovals. Footnote (5) explains the status of pre-development projects.analyze_data
91
The map uses color-coding to distinguish between sold and unsold properties, with red squares indicating built houses.analyze_data
92
The map uses color-coding to distinguish between sold and unsold properties, with a legend provided.analyze_data
93
The slide uses a legal document (Special Warranty Deed) as primary evidence to substantiate a specific transaction claim.cite_precedent
94
The slide uses a primary source document (Special Warranty Deed) to substantiate a specific transaction claim.illustrate_case
95
The slide uses a screenshot of a legal document with annotations (circles) highlighting the date, the parties, and the specific lots involved.cite_precedent
96
The slide uses a table to contrast historical sales prices with 2010 listing prices, annotated with a blue oval to emphasize the lower price point.analyze_data
97
The slide highlights a discrepancy between the calculated market value of specific lots ($14.85M) and the company's reported carrying value ($41.77M).show_valuation_bridge
98
The slide highlights a specific line item ($41.768M) as the carrying value for SummerCamp and CutterRidge residential real estate.analyze_data
99
The slide uses a critical tone to question the capitalization of assets.summarize
104
The slide appears to be part of a presentation documenting the impact of a disaster or the recovery efforts in the region.other
105
The slide uses a Google Earth satellite image to provide geographic context for a real estate development project.establish_context
108
The slide uses color-coded overlays on a satellite image to visualize real estate inventory status.analyze_data
110
The table tracks progress across residential, retail, office, hospitality, and infrastructure categories.analyze_data
111
The slide uses a screenshot of a legal document to establish a comparable sale price.cite_precedent
112
The slide uses a legal document (Special Warranty Deed) as evidence for a property valuation precedent.cite_precedent
113
The slide highlights a discrepancy between the appraised value of specific assets ($17.8M) and the company's total carrying value ($164.5M).analyze_data
114
The slide uses a callout to highlight a specific cell in a financial schedule.analyze_data
115
The slide uses a rhetorical question at the end to challenge the financial reporting.summarize
118
The slide uses a direct quote from a regulatory filing to highlight a specific financial risk factor.other
119
The table illustrates the significant write-downs taken on assets relative to their carrying value before sale.analyze_data
121
The slide uses a 'benefit of the doubt' calculation to show the low implied value of assets sold, suggesting the write-down was unjustified.expose_contradiction
122
The slide provides data points for four specific real estate developments: Victoria Park, RiverTown, SummerCamp, and WindMark.analyze_data
123
The slide uses question marks to emphasize the lack of impairment recognition.expose_contradiction
124
The slide uses a diagnostic approach to flag assets that may require impairment testing.diagnose_problem
Open slide detailLoop · Cost Of Inaction
127
The slide uses irony to point out a potential hypocrisy in corporate behavior.expose_contradiction
128
The slide uses a quote to frame a situation, likely to be contrasted with other data in the presentation.expose_contradiction
129
The slide uses a dark background with green text and a green circular graphic element.summarize
133
The slide uses a critical tone to expose management's pattern of behavior.summarize
134
The slide highlights that the cost of development exceeds the value of the finished product.summarize
136
The slide uses a rhetorical question to transition to the next section.frame_problem
137
The slide uses a bulleted list to present a series of financial facts that create a 'dilemma' narrative.diagnose_problem
138
The slide uses a 'bulls vs reality' framing to introduce a conflict.frame_problem