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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ Profile Banner
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ Profile
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ

@JamieHalse

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Former Japan equities fund manager and global consumer fund manager. Tweets are not recommendations.

Sydney, New South Wales
Joined April 2012
Don't wanna be here? Send us removal request.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japanese stocks are rallying to heights not seen since the 1990s. Back then it was the aftermath of bubble valuations. Now, there is a solid foundation of earnings growth, corporate governance improvements, and increasing cash returns to shareholders! 1/n
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
46% of #stocks in Japan's TOPIX index have zero analyst coverage, while a further 22% have only 1-2 analysts covering them. Where do you think you are more likely to find mispriced stocks? In Japan, or in the US where nearly all the stocks in the S&P have 10 or more analystsโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
6 months
Share buybacks are becoming all the rage in Japan. Sixty-three companies (see list below) are currently buying back more than 5% of shares outstanding - 17 of those more than 10%. 121 companies are buying back more than 3%.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japan Exchange (JPX) has established a new index, to launch next week, that highlights Japan's largest companies that earn an RoE above their cost of capital and trade above book value. This may seem relatively innocuous to a casual observer, but it is anything but... 1/1
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
2 years
Quite incredible. We talk about it, but seeing the magnitude on a chart is another thing again. Perhaps a function of a lack of pay-bumps via job-hopping between companies due to job-for-life culture? #stocks #japan @CacheThatCheque @JCVpartners
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
These companies are getting real on returning excess assets to shareholders
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japan's Buyback Bonanza!
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
5 months
Japanese listed companies announced record share buybacks in 2023 per the Nikkei, reaching 9.6trn yen and 1,033 companies participating. Improved capital allocation is likely an ongoing driver of Japanese stocks. Below are some of the largest buybacks underway:
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Per Bernstein, Japanese households have US$7.5trn of savings allocated to cash & deposits. A 2% allocation of that to equities implies $150bn of inflows for equities. Japan's 401K equivalent, the tax-free Nippon Individual Savings Accounts (NISA) currently have US$229bn investedโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
10 months
Who owns Japanese stocks? An interesting chart reproduced by Codrington Japan, shows the growing importance of foreigners and "Trust Banks" ie: domestic asset managers. Corporates, banks, and Life insurers lessening in importance. This is important because the former group,โ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japan could be a paradise for someone looking to build a SME PE holdco. 620k businesses are owned by someone 70+yrs old. 90k of those have sales >Y300m (~$2m). Transactions are growing rapidly, thanks to a growing army of brokers (est. ~20%pa growth in broker numbers). 1/2
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
Very nice to a chart like this go vertical! The Tokyo Stock Exchange's actions have really accelerated balance sheet reform in #Japan (1/2)
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
Japan's Nikkei Index just hit an all time high for the first time in 34 years! There are many fundamental drivers of this rally, and many reasons why it could continue.๐Ÿš€
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
The Japanese government is pushing for its citizens to invest more in the stock market with major changes to tax free investment accounts. This is important because retail participation is very low relative to the West:
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Did you know that the average ROIC for MSCI Japan has improved to be the same as the US and slightly higher than Europe's? 1/n
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japan is heating up. One of our major holdings in the @platassetmgmt Japan Fund, that trades at 0.5x book, just committed to buybacks worth 31% of market cap over 5yrs, and plans divs worth another 25%. No wonder there is record buying of Japanese equities by foreigners!
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
In case you haven't been following the Tokyo Stock Exchange's contribution to Japan's reform push, independence and English disclosure are up (JPX has also acquired Scripts Asia to make more translated earnings call transcripts available), and a new "Prime 150 Index" isโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
In Japan you can buy a profitable, security-focused SAAS business, growing top line consistently >20%pa, with margin expansion, for <5x sales.
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
6 months
The market for corporate control is opening up in Japan. This is a key long term driver of Japanese stocks. Japan has almost as many listed companies as the US, despite a much smaller market size (population and capitalisation), due to a lack of consolidation. M&A in Japan canโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
What has changed in Japan to spark the rally this year and is it sustainable? I delve into some of the history and potential road ahead in the feature article for the latest @platassetmgmt Trust Fund reports.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
LBO's in Japan could be hugely profitable, but have been viewed as impossible. An AGM result yesterday may have changed that. Half of Japanese stocks trade below book value due to lazy balance sheets and lacklustre profitability, so this has huge implications! Let me explain..1/8
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
Which major global index has the best EPS growth since 2010? The answer may surprise you. ๐Ÿ‡ฏ๐Ÿ‡ต
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
Peer pressure and public loss of face to drive corporate Japan forward: From the FT @Urbandirt : โ€œHiromi Yamaji, chief executive of JPX, now says he intends to go further in making it clearer to investors which companies are meeting those goals, by for the first time publiclyโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
For those who can't imagine that the Magnificent Seven (Apple, Amazon, Alphabet, Nvidia, Microsoft, Meta, Tesla) may not always dominate stock indices, consider that in 1989 18 of the 25 largest listed companies were Japanese! Today, none of the top 25 are Japanese, and onlyโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
Imagine if the US President recorded a video addressing attendees at an investment conference. Well, in case anyone wondered whether Japanโ€™s government is serious about its corporate governance reforms, hereโ€™s Prime Minister Kishida addressing us at the Daiwa Investmentโ€ฆ
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
Japan has had a good run this year, but equity funds and prime broker gross and net books remain well below historical levels of exposure. It seems we are still early in the reallocation of capital back to Japan.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
@evfcfaddict All these companies are buying back >5% of outstanding
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
5 months
The Tokyo Stock Exchange has named the companies that have produced capital improvement plans in accordance with its request. 40% of Prime market coโ€™s have done so, but only 12% of standard market coโ€™s. Still some way to go to achieve a full mindset change, but strong initialโ€ฆ
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
The Japan story is not just about more efficient balance sheets and larger cash returns to shareholders! Operating margins are showing a consistent upward trend (1/n)
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
Latest quarterly for the Platinum Japan Fund is now out (our Australian unit trust vehicle, see link to the report in next tweet). We lagged the market over the quarter and prior 12 months, despite strong returns from many of our largest positions. We were impacted thisโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
10 months
50% upside for Japanese #stocks ? I'm not one for strategist calls, but when a value/quant based case is well-made, then I will listen. Shrikant Kale's (Jefferies) recent chart deck is excellent in that respect. ROIC is increasing, but ROE held back by much lower leverage... 1/4
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
2 years
@DividendGrowth Also kills people early, so reduces CO2 emissions that would otherwise have occurred.
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
"Japanese corporate annual dividends at record levels again... Announced share buyback plans are also expanding at a pace approaching last year's record highs, a clear indication that payments to shareholders are rising."
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
5 months
The first slide I have posted below is an illustrative example from a slide deck we use in presentations to portfolio companies in Japan, that explains the benefits of selling low returning assets and using the proceeds to buy back stock at a valuation <1x price/book. More andโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Here's the real opportunity in Japan. And book value is very much understated due to real estate held at historical cost, associates held at historical cost when often the stake in the associate is worth more than the company's market cap. The reforms mean this value is beingโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
Head of Tokyo Stock Exchange quoted in the Nikkei saying that a PBR of 1.0x is not enough - you have to aim higher. Also, asset managers should be more proactive in engagement and should encourage companies to make improvements and undertake concrete initiatives. This is a bigโ€ฆ
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
The great unwind continues! Toyotaโ€™s web of cross shareholdings between โ€œgroupโ€ companies is legendary in its scale, complexity, and circularity. Toyota has already sold $1.8bn of KDDI shares, now Group coโ€™s are selling $4.7bn of major parts supplier Denso. Group company Aisinโ€ฆ
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Interesting (and very positive) comments re Japan from various big asset managers via IR Japan. Interest is clearly growing in the reform story.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Global investors are flocking back to #Japan in amounts not seen since the Abenomics-driven market boom in 2013, net buying more than US$33billion YTD through the 2nd week of May. Unlike the last boom, this current inflow appears to have a more sustainable foundation... 1/3
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Dividend increases and buybacks were announced by >1/3 of the ~50% of #Japan 's TSE Prime #stocks trading for <1x book value. Govt and TSE's push for improved cash allocation is taking effect. With how cheap the market is, this could provide a tailwind for some time.
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
@TrungTPhan Interesting rule of thumb for knowing youโ€™re old - you donโ€™t recognise any of the headliners and only a few of the second row
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
The biggest management buyout in Japanese history? Perhaps the most lucrative of any take private deal ever globally. Taisho Pharmaceuticalโ€™s board has recommended a ~$4.7bn offer by its minority-owner family to take it private. The offer is a >50% premium to the currentโ€ฆ
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 months
Things are really heating up in the land of the rising sun.
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Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
A potential watershed moment for Japanese stocks. YFO replaced the Board of Toyo with independent directors after Toyo failed to consider its first bid. Now YFO may be raising its bid to take Toyo private, likely with the approval of the new Board. This should mean YFO can getโ€ฆ
@maki_yamaz
Makiko Yamazaki
@maki_yamaz
9 months
25 Sep 2023 23:01:40 - NINTENDO FOUNDER'S FAMILY OFFICE YFO SET TO RAISE PLANNED TOYO BUYOUT BID -SOURCE 25 Sep 2023 23:01:41 - YFO PLANS TO OFFER 1,255 YEN PER TOYO SHARE, UP FROM 1,000 YEN/SHARE -SOURCE
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
What a great quote (from @Urbandirt โ€™s recent FT article) โ€œโ€œWhenever I go golfingโ€‰.โ€‰.โ€‰.โ€‰there are very many cross friends among the top executives, guys saying [sorry] my company is below one price to book, Iโ€™m sorry,โ€ he said with a smile.โ€ Background to the Tokyo stockโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Latest quarterly report for @platassetmgmt Japan Fund is out. "Despite the strong rally [YTD], #Japan remains cheap... While many large[cap] stocks have re-rated upwards... large swathes of the market remain at bargain levels, with great potential for โ€œself-helpโ€ improvement"
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
This is the most bearish chart I've seen, and it's from the Fed! US has burned through excess savings and dipping deep into the piggybank. I also saw a BCA chart posted on here earlier with less extreme estimates, but still expect excess gone by September. Either way... 1/2
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
A week away with two kids under five. How many of these will I get through?
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
CEO's are underpaid! Said almost no one in the last two decades. Except maybe in Japan. The average Japanese CEO earns <15% of his or her US counterpart. But, we are now seeing a step-up in at-risk compensation. This is an important change that could incentivise a greaterโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Toyota has an extensive stock portfolio worth around 20% of its market capitalisation. Check it out:
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
2 years
~US$8 in central Tokyo. ~US$16 in central Sydney. US$23-$24 in Manhattan. The yen seems cheap to me.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
From the Nikkei: ""Companies have heeded the [Tokyo Stock Exchange's] call and are clearly starting to change," said Hiroshi Yagi, deputy director of corporate strategy development at Mizuho Trust & Banking." Mizuho Trust has revealed that it in the first half of this fiscalโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
5 months
Automation is a key part of the solution to Japan's labour shortage. There are a number of Japanese companies that benefit from this ongoing theme. For example: Keyence, Fanuc, Yaskawa Electric, Daifuku. "A standard Daikin assembly line, capable of producing 500,000 airโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
2 years
@CookedDoug @CacheThatCheque @JCVpartners Good pickup, the effect is less pronounced, but still stark, if we start the chart at the end of the boom rather than the doldrums of the mid 1990's.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
There is no mincing of words from the Japanese government's council of experts on accelerating corporate governance reform. They back up the push by the Tokyo Stock Exchange. Some of the comments are particularly forthright, taking aim at co's form over substance approach...1/5
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
10 months
In Japan, #stocks with a higher % of independent directors outperform those with a lower %. This is an important observation because...1/6
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
RIP. I devoured Sam Zellโ€™s book on a recent trip to Japan, and took a few photos of some of the best pearls of wisdom. These in particular are great:
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
"But Japanese companies don't care about profits!" Oh really?
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
10 months
Reshoring could be a major driver for the Japanese domestic economy. Like the US, Japan is spending on reshoring manufacturing after 2-3 decades of offshoring. While not quite as pronounced as we see in the US as yet, should the trend of spending on reshoring continue, it couldโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
A Japan stock war story (in the figurative sense)๐Ÿงต. Imagine a series of meetings with one company spread over two years. A general sense of ๐Ÿคฏand๐Ÿ˜ตโ€๐Ÿ’ซ->๐Ÿงฑwall. The company had shown initial signs of governance improvements... 1/10
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
#Japan has growth industries! IT spend is increasing as companies modernise systems. The domestic System Integrators are the gatekeepers, due to a severe lack of in-house capability, and their control of the scarce resource - human capital (cont...)
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
8 months
Japanese companies own a lot of listed equities. The Jefferies chart below likely understates the extent, as equity-accounted associates will be held at historical cost and not classed as listed securities in Factset (we hold two companies in our Japan strategies that own stakesโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Great news for Japan #stocks ! First Toyota sells 20% of its KDDI back to KDDI for $1.8bn (at a 9% discount!). Then, Sekisui Jushi (>50% of market cap in cash) announces it will buy back 21% of its own stock, from its major shareholder Sekisui Chem (holds 21%).
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
The #Japan equity story in a nutshell, which we filmed last year (full video available on our website). Whatโ€™s changed since then? Foreign investors are flocking back, net buying US$26bn of Japanese #stocks YTD (through 1st week of May). 1/n
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Cross shareholding unwinds are gaining momentum in Japan. Today after close, major global brewer Asahi Group, announced a secondary offering for 6.6% of its outstanding stock, with the sellers being a group of banks led by Sumitomo-Mitsui. This follows on from key Toyotaโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
โ€œAs of the end of May, 314 proposals had been made to 82 companies, topping the previous record of 292 proposals to 77 companies in 2022โ€
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Itโ€™s all happening! In Japan! As @Urbandirt keeps informing the @ftfinancenews readers with great on-the-ground reporting.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Big numbers quoted by the Nikkei, showing huge change! "the number of Japanese businesses offering stock-based compensation has grown about 10-fold over the past five years"
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
What if Japanese individuals started to invest in stocks more like Americans? Or even Europeans? 1/2
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 months
Bye bye negative rates!
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 years
@Post_Market Could be that Credit Suisse risk managers realised theyโ€™d allowed a hedge fund to lever 8x using total return swaps into a triple-levered BTC ETF?
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Japan is seeing a boom in domestic corporate investment, much like what we are seeing in the US, driven by reshoring of production. With reshoring, might we even see the return of wage growth and thus domestic consumption growth?
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
There is still a long way to go on compliance with the Tokyo Stock Exchange's edict for companies to produce plans to improve their stock's trading valuation to above 1x P/B. Less than 1/3 of the market has complied so far, but where we have seen plans announced, we can observeโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 years
@henrybeaudin @deepvaluepubs Sounds like sheโ€™s all the reasons Dre ainโ€™t been gettinโ€™ no sleep.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Rakuten is a great example of the negative effects of corporate โ€œempire buildingโ€ in practice. A major red flag for us was FC Barcelona and Golden State Warriors shirt sponsorships, with only minor businesses in US & EU. Then attempting to replicate Jioโ€™s success in Indiaโ€ฆ
@GearoidReidy
Gearoid Reidy ใƒชใƒผใƒ‡ใ‚ฃใƒผใƒปใ‚ฌใƒญใ‚ฆใƒ‰
@GearoidReidy
11 months
Rakuten might be Japan's biggest online mall, but it's rapidly running out of things to sell. The company has been offloading whatever it can to fill a hole in its finances caused by the decision in 2017 to become Japan's fourth mobile carrier.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
...likely heed the warning. Anyone watching Japan knows this is a continuation of more than a decade of ongoing reform, but we really do seem to have reached a tipping point this year where the zeitgeist has now changed, so the establishment is under huge pressure to reform. 4/4
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
@platassetmgmt Japan strategies have a core investment in major insurer MS&AD Insurance which jumped 25% Tues-Thurs on this truly incredible story: The Financial Services Agency arm of the #Japan government is using the major insurers' bad behaviour (price-fixing) as a pretextโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Japanese companies are cash rich... 1/3
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
Hirano Tecseed is a major holding in Platinum's Japan strategies, and we are a substantial shareholder of the company. We would like to compliment Hirano's Board on the initial capital improvement action they have announced - a 3.5% dividend on equity or 60% payout ratioโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 months
A question we are often asked by investors is whether a stronger yen will negatively impact Japanese corporate profits. As the below chart demonstrates, the major driver of Japanese corporate profits is global growth, not the level of the yen.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
What if Japanese people invested in stocks the way Americans, or even Europeans do?
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
The ongoing push to unwind cross-shareholdings is a major focus of Japan's Ministry of Finance, and the stock exchange. The below chart shows why. Thankfully, they are having success, with announcements of sell-downs (often with an associated buy-back) now a regular feature ofโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
If, before you saw this tweet (hat tip @CLSAInsights ), someone asked you "Which market has experienced better EPS growth in the last decade - The US (S&P500) or #Japan (Topix)?" What would you have said? 1/3
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Something happened recently that is a little obscure, but incredibly interesting, and could be incredibly important for Japan's M&A market. Bear with me and let me explain. An activist took a large position in a Japanese refiner, Cosmo Energy, likely pushing for further mergersโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
10 months
Global investors returned to buying Japanese equities in the second week of August, adding another US$4.5 billion following two weeks of outflows. Stocks remain cheap, with more than half of listed companies trading below the book value of their balance sheet equity.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
9 months
Domestic M&A activity in Japan is <1/4 that of the US relative to GDP, but it is on the rise (though affected by the pandemic), and the government is behind a major push for more consolidation and efficient use of labour. The opportunity is highly compelling when one considersโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
7 months
Japanโ€™s government is very clearly pushing an economic agenda that is supportive of stock prices.
@JeffWeniger
Jeff Weniger
@JeffWeniger
7 months
1/7 One of the least-discussed macro initiatives is Japan's "Asset Income Doubling Plan." Kishida is very clear: Japanese households are holding a ton of cash, he doesn't like it, and so he's pushing them to increase contributions to 401k-style plans.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
Strategic (cross/allegiant) shareholdings in Japan continue to decline. The inversion of this is the proportion of companies held by financially-motivated shareholders continues to increase. This reduces management entrenchment, and tends to increase shareholder friendliness..1/2
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Huge news in Nikkei today. Daiwa voting for 49% of shareholder proposals at AGMs this year, after voting against ALL last year! Nikko and Sumi-Mitsui increasing for votes by ~20%. Very difficult for management teams to ignore shareholders now.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
YTD flows into Japan ETFs (per Bloomberg). @InvestInJapan
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
The Toyota group is structured with a web of circular cross-shareholdings that protect management from pesky shareholders. JPX is essentially saying "this is no longer acceptable". The embarrassment of exclusion will be keenly felt by Toyota's management, and others will... 3/3
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
Tokyo, Ohayo gozaimasu!
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
Crazy stuff. Top 10 stocks driving almost all the S&P500's return YTD. And...
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
A combination of shrinking supply (buybacks), and growing demand (foreigners), could be compounded next year when beneficial changes to the tax-free savings accounts for individuals take effect. This seems likely to add further to demand. 3/3
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
1 year
New @platassetmgmt Japan Fund quarterly commentary now released. Discuss rising shareholder activism, buybacks, dividends, RoE's and more.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
5 months
I had a chat with the @nikkei last week, commenting on some of the market themes we like and drivers we see for market performance. English translation is below. Any mistakes or points that seem to have causation around the wrong way, let's blame the English->Japanese->Englishโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
6 months
We have been bullish on the Japanese corporate governance reform story for some time. Thankfully global investors are now increasingly aware of the changes.
@platassetmgmt
Platinum Asset Mgmt
@platassetmgmt
6 months
Corporate reform in Japan may see more returns flow into the hands of shareholders. Our new article looks at how we got here - and what happens next
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
4 months
These buybacks are funded in part via unwinding cross-shareholdings. This is a key plank of the government's reform efforts. A reduction in cross-shareholdings increases the voice of regular shareholders, and pushes management teams to be more focused on the returns theyโ€ฆ
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
3 years
@Post_Market Digital advertising attacks not only traditional ad spend, but also trade spend (netted off revenue), costs of Salespeople, and real estate costs. Market share that looks at digital ads / totaladvertising misses the point.
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@JamieHalse
Jamie Halse๐Ÿ‡ณ๐Ÿ‡ฟ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฏ๐Ÿ‡ต๐ŸŒŽ๐ŸŒ๐ŸŒ
@JamieHalse
11 months
If you want a bear case for the Japan stock indices, in my view it is the likely negative impact on Toyota et al and the companies in their massive supply chains from Chinaโ€™s share gains in global autos, and the rise of EVs. Active management is key in Japan to avoid value traps.
@MichaelAArouet
Michael A. Arouet
@MichaelAArouet
11 months
After German chemical industry imploded, the crucial automotive sector is watching China eating its lunch next ๐Ÿ‘‡ The scary thing is, there is no action taken by German government to prevent deindustrialization. (BBG)
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