´´ Value Investing Japan

Thursday, March 23, 2017

Value Links of Interest

The Heresy That Made Them Rich By JOSEPH NOCERA (New York Times)

Columbia Business School held its 15th Annual Graham & Dodd Breakfast. The guest speaker was Jean-Marie Eveillard. The host was Bruce Greenwald, the Robert Heilbrunn professor of finance and asset management, whose value investing course is one of the school's most popular offerings.

A Legacy: The Sons of Stanford; The Man of Value Investing by Unknown Author (Pdf File)

Stanford Business School long has been seen as as a bastion of "efficient markets thinking". But another Stanford faculty member, Prof. Jack McDonald, teaches that markets are not always efficient, that discrepancies can occur, allowing a series student of fundamental investing to buy a Dollar for 50 Cents.

Monday, March 20, 2017

J- Links of Interest


This Trader's Great-Great-Grandfather Founded Japan's First Stock Exchange by Tom Redmond, Yuko Takeo and  Nao Sano (Bloomberg)

“I was a short-term guy, I was a trader,” Shibusawa, now 55, said in an interview in Tokyo. “But I saw the necessity of a long-term perspective.”
 
Japan's Cozy Culture Club by Christopher Langner (Bloomberg)
 
Activist funds are finding fertile terrain in Japan as they identify what may be recurring mispricing of mergers and acquisitions. The hard part will be overcoming a deeply ingrained culture of cozy corporate ties to achieve better terms for minority Investors.

Wednesday, March 1, 2017

Value Investing And The Virtue of Not Being That Stupid

Are you suffering the Dunning-Kruger Syndrome? And no dear reader it is not a highly virulent venereal disease. So there is no need to call your doctor. It is rather a highly virulent cognitive bias spreading around the financial centers of this world.

It explains why the majority of investors, may they be institutional or individual, are incapable of beating the market indices. It explains why so many are unable to part from the unknowledgeable crowd. It explains why so few mastering the art of doing nothing and have the virtue of being lazy.

Friday, January 6, 2017

On The Beauty of Value Investing

When I first encountered the Intelligent Investor by Benjamin Graham it was like a revelation. After finishing the book I was in the same emotional state like when I first saw Michelangelo’s frescos in the Sistine chapel. The strong feeling was even intensified when I read Security Analysis by Graham and Dodd.