big seller out, page-49

gee on sound advice i dont read balance sheets,main reason being off balance sheet debt,and management companys of which vpg is one tend to have a lot of that,non-recourse debt,this is the high altitude world of finance,so balance sheets really are full of excuses,you know the lies you tell yourself,now the real item of concern would be deflation.

deflation,what does that mean,well lower asset values,lower building costs,lower interest costs,higher rent costs,higher servicing costs,rates ,utilities etc, and right about now you are probably questioning the reason for your own extortionist
rates for utilities,council rates,rising water rates ,increased power costs,or just the rising cost of rent,so will this scenario create a 3,5,7,11 -year stagnant realtor business with a growing debt ratio,fuelled by asset sales and
deflation,these are probably real reasons for 3.8cents,but wait theres more,it can go lower.

the counter party risk here is the direction of the world economy,which is one of the many reasons int.rates are dropping and the print factory is running overtime.

naturally should wages go into reverse gear as well,then there will be a lot of distress in every economy,even the third world economies,so i guess it all depends upon which balance sheet is providing an honest answer,my vote is with the economic balance sheet,without a significant rerating of confidence it all looks pretty sad,however all those lucky people who took up sovereign guarantee for their cash will probably feel very happy until the rate of return becomes zero or 2%,
then i guess they will start thinking about bonds,no luck there,well how about real estate,it always goes up,or does it,so whats left,gold,silver, platinum,hang on what about equity markets,who is likely to provide returns.

now my vote is still with equity markets,i have sold all real estate,so i guess its then a matter of which sectors are most likely to really lift,somehow i dont think it starts with reits or real estate,no confidence is the key.
i must say vpg is tempting and i have mof retail offer of 20c share,but that counter party risk,well i just dont know
i guess this is hc a diversity of out looks