costs, page-7

kk-thats the way i read it all the assets are held under one broad banner managed by vpg,there are various stake holders,
read debt with non-recourse to vpg, and vpg skim as the managerial entity,i think the previous post re the australian article covers the other issues,the average capitalisation will be easily eroded,yes i thought i had a conservative investment,well its a real learning experience you really must consider the unimagineable,ie: 66c exchange rate,disenfranchised commercial
property market,banks worldwide are margining against their benched reserve rates presumably to boost their funds available,otherwise their models will be broke

so for lpts who moved away from more traditional levels of funding,like 25% or less of base, its a great model going up,but the way down is a cliff,and who do we have to thank,wall st,cds swaps dislocated from their own fundamentals,combined with sophisticated proprietary trading platforms held primarily by the formerly big hedge funds who are now largely the victims of their own excess,along with taxpayers worldwide,retirement funds and of course you and I, the way i read it the leading govts have no choice,the course of action is plain,its a war against rogue financial instruments and a clear lack of regulation.

the future will not be the same with uniform regulation.
as you are no doubt well aware most lpts are severely constrained at present,perhaps they should amalgamate,they would be the one market then,just joking.

so now we have the race for position,blocking stakes etc so much for free markets they are certainly free in everyway imaginable
vpg cleaned me out,so i no longer hold but am waiting to trade my way back in,i have fantastic carry losses