Because they believe that the fundamental value that this stock...

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.