As I've gotten older, one of the things I really feel I have learned is that investors ought to demand rich rewards for complexity and risk. Simply put, there are a lot of ways to make a buck out there, and if you're being asked to put up with a lot, there should be commensurate excess returns.
With that, I struggle to be more positive on Argentina's IRSA (NYSE:IRS). I'm not worried anymore that the company's ventures into Israel are going to kill the company through a debt overdose, but I do worry about a potential squandering of shareholder resources and a diversion of management attention away from more profitable traditional pursuits. These shares could be undervalued, and I likewise believe that an ongoing recovery in Argentina and a potential realization of value from the landbank could drive even more value, but honestly... it just looks like too much of a hassle to be worth the risk.
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IRSA Has Some Value And Argentine Leverage, But A Lot Of Headaches Too