wbc substantial holder, page-3

Because they believe that the fundamental value that this stock offers far outweighs the poor management.

Buffet says that buy good companies that even a fool could run, because oneday one will.

I belive that any fool can run VPG, even though at the moment we may have poor management, the VPG's buisness model and even other REIT's have been proven. I dont think that there is a decision that could be made that proves catastrophic for VPG at the moment, even if they decide to sell some assets below book value, we still have a fair bit of room to breathe.