The Reason Burce Berkowitz Bought St. Joe's

Bruce Berkowitz is at the Morningstar Investment Conference and he is talking about the reason he bought St. Joe's (NYSE: JOE).

According to Charles Rotblut, who is at the conference, Berkowitz bought St. Joes "because he grew up in a one-bedroom apt and he wanted a backyard."

Shares of St. Joe's are down 17 cents to $19.17, a loss of 0.88% on the session.

Berkowitz runs Fairholme Capital, a Florida-based mutual fund.