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An investment in knowledge pays the best interest.
Ben Franklin

St. Joe has Hidden Value in Discounted Real Estate Portfolio
St. Joe Company (JOE) is a property developer located in North Florida, owning 167,000 acres. Over the long-term, St. Joe has a large-scale sector plan called the Bay-Walton Sector plan, which details 110,500 acres of development to 2064 including 170,200 residential housing units and more than 22 million square feet of leasable retail and office space.

Economic and Market Review February 2025
• European equities outperformed the U.S., driven by defense stocks and a moderate recovery in industrial activity.
• The U.S. housing market hit a historic low, with the Pending Home Sales Index showing the weakest January in 25 years due to high mortgage rates (7.04%).
• The top 10% of earners now account for over 50% of total U.S. consumer spending, compared to 36% in the 1990s.
• The consumer savings rate reached a 6 month high, with lower-income groups rebuilding savings, leading to a downturn in consumer spending.
• Fund managers are increasingly worried about stagflation, and economic surprises have turned negative again in 2025.
• U.S. physical gold supply is tightening, causing leasing rates to spike and price spreads between London and U.S. gold markets to reach a five-year high.

Is Your Portfolio and Retirement Safe from the Devasting Damage of Inflation?
Investors need to be aware that inflation damage compounds over time. We have undergone a secular change, and inflation will continue to move up over the medium term.
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