'08 stock picks: How low can they go?

Any other year, we'd be patting ourselves on the back for making a wildly contrarian bet on a Florida real estate company and having it outperform the S&P 500 by 32 percentage points. Of course, the still lost money, but to us that just means that a buying opportunity remains.

For the uninitiated, St. Joe is the largest private landowner in Florida. The stock market is now valuing those land holdings at a mere $4,000 an acre. Plus, most of those acres are in northwest Florida, an area whose economy will be transformed by the opening of a new airport in Panama City in 2010.

Our advice: HOLD

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