absolutely, if you plot the ords against the prefs (VRLPA) you...

absolutely, if you plot the ords against the prefs (VRLPA) you notice the "gap" has opened again, meaning the prefs are the better exposure. Note that the gap is no where near as large as the opportunities in the prefs that occured in both 2003 and 2004.

I still think VRL/VRLPA has fundamental attractiveness. Once you strip AEO valuations out of the business, then the rest of the company - Exhibition, Distribution, Theme Parks, Production and Film Libarary exploitation (the part no one values but the important part for long term cash flow) are trading at very cheap metrics compared with global peers.