any one see the close, page-9

texas-it is good to see basis for discussion has changed,
naked shorts apparently are to be banned from december,however no mention has been made of introducing the american system where any shorts defer to a regular bid,in 1974 i started work knew absolutely nothing about the financial rout in markets then,but i do recall the aftermath.

in 1988 i expanded my small business,using debt it all appeared very conservative until 1990 when we moved into the recession we had to have,i understand cashflow,not tax law,not company law,so while my view might be tiresome to some
i can assure it is a far more balanced view from practical experience.

now this event will be far worse than 1974,and it is worldwide,the biggest beneficiaries will be the emerging superpowers,china,india,russia .

now back to the subject,keep thinking cashflow this fund manager is a cash flow business with inbuilt fees,the margins are thin relying on stock churn rates and very modest growth,it is designed to withstand normal cyclical downturns and still survive,these times are far from normal,
Australia is yet to feel the full impact,its coming, the govt here are very upbeat,however the psychology of a situation of massive valuation increases sp.and r/e over the past 4years,will with the coming decline change outlooks and balance sheets at every level of society.

the broader public throughout the world are barely aware of
the current problems,nor are they predisposed to considering what systemic collapse really means.

so texas and any others dont for a moment think i am against vpg,not at all well managed etc,however you should
think clearly about these times,anz banks sp.collapsed yesterday,i believe it was shorted,wether they own the stock or not the method used tells me it was shorted,in vpgs case,there will be one or more instos leaning heavily on the sp.effectively blocking movement,enabling a good negotiating position should the management declare the model
insolvent,my bet is it will be broken up inpart at least in total more likely,you see the unitholders in their funds rank well ahead of shareholders in vpg,i really liked vpg more as a smaller company,innovative and very profitable,developer.