Japanese Equities: An Opportunity 25 Years in the Making - With Peter Tasker and Mark Pearson
In 1989, Japan represented 43% of the world’s stock markets; The eight largest banks in the world were Japanese, as were seven of the world’s top 10 corporations. 10 years later not a single Japanese company made it into the Top 10!
In 1989, Japan represented 43% of the world’s stock markets; The eight largest banks in the world were Japanese, as were seven of the world’s top 10 corporations. 10 years later not a single Japanese company made it into the Top 10!
After an epic bubble and even more epic bust, today, 34 years later, Japan is the world’s 3rd largest economy, the world’s largest creditor nation, the second largest stock market globally, has the most undervalued currency of the major economies, and has the highest debt/gdp of any G7 nation.
In this conversation, Peter and Mark explain the changed landscape, politically, economically and from an investment perspective . The discussion begins with the macro forces before moving to a discussion on the Arcus approach to investing, their value bias and what excites them. They reference that almost half of Topix trades below book and 40% of companies have no material research. They speak about structural tailwinds, shifting allocations to equities, TSE reforms to “shame” companies resistant to change and where they are identifying value and investing.
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