I've learnt that there is more risk associated with VTG based on...

I've learnt that there is more risk associated with VTG based on these fluid Telstra agreements and as such this should be factored in to the asset allocation toward such a stock.

Agree - this risk was overlooked in general, judging by historical prices. Sadly, this is the reason I never bought a LONG time ago, which was short-sighted. I should have also realised that TLS won't bring the stores back in-house - they know they can't operate them as well as VTG, nor is it their core competency.