RE:RE:RE:RE:Nelson and Grove..........You might be older than me. I've been doing it for about 35 years! Small Caps mostly too.
Under Canadian Securities laws and disclosure, and IFRS accounting, when they put it in a JV it is very very hard to figure out what "exactly" is going on. Just look at Morningstar and Mission.
Virtually no details about Townhome sales. Lot sales. Average Prices. Operating Margins, Net Margins, Land entitlement plans going forward. Etc. Etc.
So you have to just trust them? It's like black hole investing to a large degree.