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  "documentTitle": "The St. Joe Company (JOE)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2010-10-13 00:00:00",
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  "notes": "The slide uses a rhetorical question at the end to challenge the financial reporting.",
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      "text": "What exactly did JOE capitalize at WindMark?",
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      "text": "~224 developed residential lots of total planned 1,516\n< 15% of residential units in WindMark are developed\n$165M capitalized costs on balance sheet\nIf we allocate those costs over 224 actual developed lots, that implies $736,000 cost per lot\nEven if all remaining 1,367 lots were developed, that would imply > $120,000 cost allocated to each lot before counting the future costs to develop them.",
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