Balance sheet is king these days. I own a lot of VPG at very low...

Balance sheet is king these days. I own a lot of VPG at very low prices and am not too concerned with receiving a dividend in the near term.

If VPG can drop debt by 300m to 500m over the coming 1 to 2 years, this stock should easily move back towards 75c to $1 as it will show that mgmt are taking precautions and are committed to achieving long term sustainability.

Committment and sustainability will not return within a day or two...Your not going to all make your fortunes at the half yearly results IMO - although it would be nice.

To highlight my point about balance sheet, I know for a fact that one of the largest banks in Australia (I won't say who) is sitting on 53billion of excess liquidity to weather the present/coming storm...If the country closed up for 12 months, this bank will still be around in 12 months according to the CEO...

This shows dedication to preserving the business at the expense of some short-term happiness. ie.e their share options...

VPG are out of favour as is most other REIT. If we demand a dividend too early, particularly in 2009, VPG could be at greater risk than what they are now...

The impatience around this stock is incredible. Globally, the economies will need to improve and improve significantly, banks will need to drop small business and retail lending rates to help stimulate investment, AND NSW government voted out at the next election....

Well maybe the last one won't happen, but hey we can only hope...