back to fundamentals, page-9

It's late and the UK market is not falling off the cliff and the US is within a reasonable bound and I'm of the view that whatever will be this evening will be. Nonetheless, the thread seems to focus on what the instos are doing. Someone correctly made the point that mainstream instos are index infatuated and so will not stray too far from mainstream. I think that's correct

Interesting in an earlier analysis if I superimpose GPT over the ASX XPJ, nigh perfect correlation. So if insto performance is publicly benchmarked against say XPJ then it's a no brainer that they'll stray from those perfectly correlated ONLY under extraordinary cirmstances. In this context, mainstream powerhosue instos and VPG are at this juncture someway apart!!.

However, a second or third tier insto might say (a) quality coy / management team / balance sheet / history of at index compliance is numerically attractive and (b)if the insto is looking for a sell story to differentiate themselves then VPG is about as good as any.

Lastly, what is missing ex VPG's arsenal is courage to sell themsleves... instos won't find them unless they [boldly] get on the rooftop, shout and succinctly tell the world what they are doing. Again, I think they are accumulating cash and I don't think it's to appease any hostile financiers. Regardless, they do present themselves as in the shadows averse to public comment just in case the industry has another circus event aka CNP / CER

My 2 cents.

Cheers

DYOR