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  "documentTitle": "Pioneer Natural Resources (PXD)",
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  "authorName": "David Einhorn",
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      "text": "What is an infinite supply of negative return investment opportunities worth? Not much.",
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      "text": "I’m not going to talk about St. Joe. But I do want to draw parallels between St. Joe and today’s idea. During the last housing boom, St. Joe, a Florida-based real estate company, invested heavily in land development but destroyed value. It had a million acres - practically an infinite supply - that aside from a few premium spots on the beach could not be developed profitably. What is an infinite supply of negative return investment opportunities worth? Not much. By 2007, St. Joe’s best option was to halt development and gradually liquidate its land. And that’s what it did. By ceasing investment, the company avoided bankruptcy.",
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