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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 highlights that the cost of development exceeds the value of the finished product.",
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      "text": "It costs more to turn raw land into a finished lot than the lot is worth... and it isn't even close",
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      "text": "If no impairment is needed, there has been a negative return on development, even with JOE selling its most desirable stuff\nIf JOE needs to take an impairment, the return on development is highly negative\nIt costs more to turn raw land into a finished lot than the lot is worth... and it isn't even close",
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