Jimi ... I think that today VPG is extremely good value.
* Approx 13% yield;
* No debt issues;
* Trading over 20% below asset backing;
* Ability through new alliance to tap investment funds in the USA (note: this does NOT mean they have to invest in US real estate, simply that they can acces a huge pool of funds for their unlisted managed investments);
* Substantial undrawn finance facilities;
* Over $400 million of undrawn working capital facilities.
In short, nothing points to a business with any credit issues at all. ALSO, their funds are typically closed end, meaning investors are long term and cannot run.
At this level IMO it is both a good trade and a great long-term investment. I have recently purchased a core holding, but also small trade.
MJS
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