Money Manager Bruce Berkowitz Was Just Kidding When He Said He Wants People To Tell Him When/Why He's Wrong

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As you may haveheard, at the Value Investing Congress on Wednesday, David Einhorn revealed (in a 139-slide PowerPoint presentation) that he and Greenlight Capital are shorting real-estate developer St. Joe Co. This was at odds with investor Bruce Berkowitz who, through Fairholme Capital Management, owns a 29 percent stake in the company (having purchased an additional 0.1% following Einhorn's presentation). When asked by audience members about taking the other side of the trade, Einhorn, because he has manners, said that he had sent Berk a letter stating his intent to short St. Joe, and asked if the two could debate the issue, which Bruce never responded to and as recently as today, Berkowitz told Reuters, "Why would I want to talk to him?"

Which is interesting! Given that less than two months ago, Berkowitz said this:

"We're not interested in talking to anyone who’ll tell us why we're right. We want to talk to people to tell us why we're wrong, and we're always interested to hear why we're wrong. Because one day someone's going to do our shareholders a big favor and tell us why we're wrong, and we're going to be wrong. We want our ideas to be disproven.

Bruce Berkowitz Likes Financials [AA]

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