RE: The selling is being forced.Don't worry / well worry if you want, but I'm not ... I think this will go on for a while .. macro economics must play out further / let's get the deal done this Friday and then start shuffling bad debt over to US Treasury / same must happen UK, but not necessarily rest of the euro zone & not Japan (world's second biggest economy) ... we live in an age of instant communications and global integration etc. .. recovery will happen faster (and more strongly than we may aticipate) ... count on sustained higher volatility (not just downward volatility).
Some macro points of note:
* Domestic demand in China growing faster than growth in exports declining + interest rate reductions and fiscal stimulus (but not necessarily because it's required).
* Japanese banks are back on the prowl after 20 years out of the market (Nomura - Lehman / Mitsubishi UFJ Financial Group Inc. - Morgan Stanley / Kokusai etc. etc.) .... Japan has world's biggest savings / untouched and silently on the sidelines since 1989 ... watch how this advanced / very wealthy & very sophisticated economy can influence events in the next 12-18++ months.
* BRIC countries all have growth > 7% ... these are the infrastructure gluttons .. demand not slowing .. none of BRICs have these types of problems ... moly demand drivers therefore likely to remain robust.
* Which sectors are banks going to seek to make money in ? .. pound of flesh yes, but finacing back on the table for resource & development projects.
.. If you are SWF investor .. do you now seek imploded US/UK realty assets, or secure asset types that are needed for infrastructure growth etc. ? .. forget imploded junk / invest in required sources for infrastructure development.
net net ... watch and wait / don't panic .. this can have a good outcome ... this stock (VGM) reflects such a small sector of a market / who were the shareholders ? .. who are they selling now ? ... what did they ever know or understand of the assets and the markets for these assets ? .... this is market inefficiency to the max ... speak to management and be comfortable with their knowledge & ability to progress the projects & manage the process in these challenged markets ... treasury can last until Feb/March 09 ... in today's world of markets that is a long long time ... hold tight and setup to make some real (and well earned) 'investment' returns .... ththth that's all !