We all make mistakes JAG. haha.
No its a very small (extremely small now) position of mine based on the "cigar butt land value" thesis. I think the thesis is sound enough in theory but your right it appears something is going wrong with the land transaction.
I have done well on a few land backed "cigar butts" in the past which peaked my interest but its the international nature of this one that I think has heighted the risk. I have a much bigger position in SDG that has played out in my favour (bought for 0.5x book value) and a position in PPC which I think is also undervalued relative to the land bank but those are in Australia.
We all make mistakes JAG. haha.No its a very small (extremely...
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