Cresud: Rare value in farmland

Cresud SA (CRESY), Argentina's largest farmland owner, owning more than 2.4 million acres, is a rare value.

Sixty-six percent of those acres are in Argentina; the rest are scattered through Brazil, Paraguay and Bolivia. In addition, it has extensive commercial property holdings Buenos Aires.

Cresud is an exceptional value thanks to its depressed share price. For this, we can thank Argentina's dysfunctional government, led by President Christina Kirchner, who has overseen capital controls, foreign-owned asset seizures and trade restrictions.

Investors, not surprisingly, are leery about investing in such a hostile political climate. But where other investors see fear, I see opportunity. I believe Ms. Kirchner has handed investors a gift.  (more)
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