NEW YORK ( TheStreet) -- Two months ago, I wrote a column that expressed my concerns with investing in Argentina. The country's government has exhibited behavior that is unfriendly to business, and that is putting it nicely.Over the past year and a half, the Argentine government has seized control of the country's largest oil and gas company, YPF ( YPF), and instituted price controls to combat inflation. Those moves were enough to send many investors looking for greener pastures. I've owned some pretty green pastures in Argentine farming giant Cresud ( CRESY), which owns 1.6 million acres of farmland, roughly the size of Vermont, New Hampshire, and Connecticut combined. Although I rarely move in and out names, I've owned Cresud on a few separate occasions. Last year, when Argentina moved to seize YPF, I avoided taking a new position until the dust settled and the price fell enough to present a large enough margin of safety. Cresud fell from $13 in late March 2012 to less than $7 by early June. That created the margin of safety I required, and I took a new position, which was closed in November after a 20% run-up. By this past April, shares were approaching $10, but something was not quite right, and was the basis for my April column on Argentina. Cresud had declared a fat dividend of 50.4 cents in November that it still had not paid by April. IRS), which alone is worth about $260 million based on IRS' current market cap. Cresud's current market cap is just $342 million. The stock trades at less than nine times 2014 earnings estimates and 62% of book value. The company does have substantial debt of $725 million. Cresud is not for the faint of heart, for sure. It operates in an country where hyper-inflation is a risk and the government is not a friend to business. The company's package of assets, however, is the reason I've owned it in the past and have taken a new position. Buyer beware! At the time of publication, the author was long on Cresud. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.