agree 100%.. and have switched from VRL to VRLPA following this...

agree 100%.. and have switched from VRL to VRLPA following this big valuation gap opening.

I think he effective market theory would argue that VRL holders and VRLPA holders do not have the same objectives, (Broadly VRL - Capital Gains and VRLPA - Yield) which mean't the change in strategy to effectively convert VRLPA to a Cap gain play was in-consistant with the bulk of the holders objectives)

Ironically this has created the pricing mismatch as they exit, and one could argue increases the potential for capital gain from the depressed mate.