One more note on VRL vs VRLPA - since the gap has widened I note the $ volume has been greater in the VRLPA and more significantly, the buyer size's are much larger.
Perhaps suggesting for those few insto that have decided to maintain an exposure, the VRLPA is their prefered mechanism.
Agree the mgmt record is poor, but the arguement is really is the discount too large in light of bad management but good industry dynamics. ??
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