$NACCO Industries (NC.US)$It is a very peculiar existence, w...

The income statement shows very high equity gains every year, indicating that the company appears to survive by relying on dividend payments. After quickly checking the SEC website, it is found that these are companies structured as Variable Interest Entities (VIE), even though they are fully controlled in terms of equity, they actually operate using customer funds, similar to borrowing Nacco's license for a fee, so they cannot be consolidated in the financial statements.

It seems that Nacco's profits have a significant dependency risk, lacking long-term holding value.