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Here’s Praetorian Capital’s Comment on St. Joe (JOE)

Praetorian Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund appreciated by 3.59% in the second quarter. The Fund's concentrated portfolio and emphasis on asymmetric opportunities are likely to result in notable volatility. In the second quarter, core positions appreciated moderately, whereas the Event-Driven book posted a small loss, which partially offset those gains. For more information on the fund’s top picks in 2025, please check its top five holdings.

In its second-quarter 2025...