Book of Value: The Fine Art of Investing Wisely (2016, Columbia Business School Publishing) by Anurag Sharma is a must-read and keeper for value investors. I took far more notes than are written below, but I think you’ll get a sense of the value the book offers from these notes. In addition, where appropriate I tried to mention other ideas that pair well.
The Uguisu Value newsletter has ended — the last issue was published in summer 2016. For more information see here.
A lot of interesting investment opportunities (equities) continue to be available in Japan. I have no change in plan with the 20-hole punch card approach with the deep under-valuations featuring profitable companies with sound balance sheets; time horizon arbitrage. There continue to be comparatively fewer opportunities in U.S. equities; I am enjoying the groundwork for future punch card investments — I’ve made only one purchase all year and two exits. I expect to have some new posts and offerings in 2017. Meantime, please find updates on Twitter: https://twitter.com/ActiveInvesting
“China poised to pass Japan as world’s No. 2 economy,” reports CNN.com. Q2 GDP figures from Japan and China show the latter exceeding the former, $1.34 trillion vs. $1.29 trillion. In 2009, it was Japan ahead for the full year, at $5.07 trillion compared to China at $4.91 trillion, according to the IMF. Given the two lost decades now in Japan, this was only a matter of time. Jesper Koll’s (veteran Japan economy expert now with JP Morgan in Tokyo) simple forecast (see quote below) represents a real and substantial opportunity for Japan. This is not a new idea or sudden realization by any means, but it is far more tangible now than ever before; it is becoming more palpable given recent developments such as the Japanese government actively courting Chinese tourists.Continue reading
Again, we thank you for your patience as we are undergoing some changes. UPDATE: Japanese fonts are readable again. However, any hyperlinks referencing blog.steventowns.com archive posts will not work.