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	<title>Active Investing in Japan</title>
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	<link>http://steventowns.com</link>
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		<title>Japan to be world&#8217;s 3rd largest economy is good news</title>
		<link>http://steventowns.com/2010/08/16/japan-to-be-worlds-3rd-largest-economy-is-good-news/</link>
		<comments>http://steventowns.com/2010/08/16/japan-to-be-worlds-3rd-largest-economy-is-good-news/#comments</comments>
		<pubDate>Mon, 16 Aug 2010 23:47:56 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[domestic demand]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=552</guid>
		<description><![CDATA[&#8220;China poised to pass Japan as world&#8217;s No. 2 economy,&#8221; 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 [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lions Gate: Board dereliction and insanity</title>
		<link>http://steventowns.com/2010/08/10/lions-gate-board-dereliction-and-insanity/</link>
		<comments>http://steventowns.com/2010/08/10/lions-gate-board-dereliction-and-insanity/#comments</comments>
		<pubDate>Tue, 10 Aug 2010 18:33:24 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[LGF]]></category>
		<category><![CDATA[Lions Gate]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=543</guid>
		<description><![CDATA[Lions Gate (LGF) reported a surprise Q1 loss of $64.1M or $0.54/share compared to earnings of $36.3M ($0.30/share) last year &#8212; note that adjusted earnings of a net loss of $13.7M ($0.10/share) missed analyst expectations of a profit of $0.04/share. The cash flow picture is not pretty either as the business was kept cash flow [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/08/10/lions-gate-board-dereliction-and-insanity/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unlocking value in Japanese real estate</title>
		<link>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/</link>
		<comments>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/#comments</comments>
		<pubDate>Thu, 05 Aug 2010 04:17:57 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[JREIT]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[REIT]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=534</guid>
		<description><![CDATA[ Christopher Dillon, a Hong Kong-based entrepreneur, writer, and real estate investor, is the author of two books about real estate (his first covered property transactions in Hong Kong, and his latest published this May, covers Japan). Landed: The guide to buying property in Japan, is a must-read, not just for those considering buying a [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>How I am voting Internet Initiative Japan&#8217;s proxy</title>
		<link>http://steventowns.com/2010/06/22/how-i-am-voting-internet-initiative-japans-proxy/</link>
		<comments>http://steventowns.com/2010/06/22/how-i-am-voting-internet-initiative-japans-proxy/#comments</comments>
		<pubDate>Tue, 22 Jun 2010 10:27:20 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=529</guid>
		<description><![CDATA[A longtime shareholding on mine, Internet Initiative Japan (IIJI) (JP: 3774), is having its Annual Shareholder Meeting this Friday in Tokyo. I urge all ADR and Ordinary shareholders to submit their votes as soon as possible, but not later than this Thursday, 10:00 AM Eastern (NY) for ADR holders, or by Thursday, 11:59  PM Japan [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/06/22/how-i-am-voting-internet-initiative-japans-proxy/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An update on my shareholder activism with Internet Initiative Japan</title>
		<link>http://steventowns.com/2010/06/13/an-update-on-my-shareholder-activism-with-internet-initiative-japan/</link>
		<comments>http://steventowns.com/2010/06/13/an-update-on-my-shareholder-activism-with-internet-initiative-japan/#comments</comments>
		<pubDate>Sun, 13 Jun 2010 12:25:53 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=519</guid>
		<description><![CDATA[About 3 ½ months have passed since I sent my first letter and shareowner proposals in late-February to the Board of Directors of Internet Initiative Japan (IIJI) (JP: 3774), a leading ISP and related services (cloud computing, systems integration, etc.) in Japan. As a longtime shareholder (since 2006), my concerns included the company’s level of [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/06/13/an-update-on-my-shareholder-activism-with-internet-initiative-japan/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>The disturbing consistency of GE&#8217;s board</title>
		<link>http://steventowns.com/2010/05/16/the-disturbing-consistency-of-ges-board/</link>
		<comments>http://steventowns.com/2010/05/16/the-disturbing-consistency-of-ges-board/#comments</comments>
		<pubDate>Mon, 17 May 2010 02:59:49 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy disclosure]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[stock buybacks]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=506</guid>
		<description><![CDATA[General Electric (GE) held its annual shareholder meeting on April 28th. It comes as no surprise that the same 16 directors up for reelection remain firmly in place. However, it should raise some eyebrows, since the number of shares voted against certain board members (most notably Messrs. Lafley and Penske) fell sharply compared to last [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/05/16/the-disturbing-consistency-of-ges-board/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>IIJ hits high on earnings beat, has much upside</title>
		<link>http://steventowns.com/2010/05/14/iij-hits-high-on-earnings-beat-has-much-upside/</link>
		<comments>http://steventowns.com/2010/05/14/iij-hits-high-on-earnings-beat-has-much-upside/#comments</comments>
		<pubDate>Fri, 14 May 2010 13:59:25 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[buyback]]></category>
		<category><![CDATA[dividend]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[stock repurchase]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=498</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (JP: 3774) is not a household name in the U.S., but it has carved out a niche in Japan in internet connectivity and related system services and outsourcing (essentially it is a high-tech ISP catering to businesses and government with growing potential in cloud computing and mobile access). Overnight in Tokyo [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/05/14/iij-hits-high-on-earnings-beat-has-much-upside/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>To Lions Gate and Carl Icahn: Show me the money</title>
		<link>http://steventowns.com/2010/04/28/to-lions-gate-and-carl-icahn-show-me-the-money/</link>
		<comments>http://steventowns.com/2010/04/28/to-lions-gate-and-carl-icahn-show-me-the-money/#comments</comments>
		<pubDate>Thu, 29 Apr 2010 04:36:43 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Carl Icahn]]></category>
		<category><![CDATA[LGF]]></category>
		<category><![CDATA[Lions Gate]]></category>
		<category><![CDATA[poison pill]]></category>
		<category><![CDATA[shareholder rights]]></category>
		<category><![CDATA[tender offer]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=477</guid>
		<description><![CDATA[The Carl Icahn v. Lions Gate battle rages on. Unfortunately it features no real suspense; rather, it’s playing out more like a bad dream, in a bad movie. While the Post Office and the related parties’ legal counsel and financial advisers all must be happy to have the work, I’m strictly thinking TiVo: fast-forward past [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/04/28/to-lions-gate-and-carl-icahn-show-me-the-money/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>GE&#8217;s board needs gutting</title>
		<link>http://steventowns.com/2010/04/12/ges-board-needs-gutting/</link>
		<comments>http://steventowns.com/2010/04/12/ges-board-needs-gutting/#comments</comments>
		<pubDate>Mon, 12 Apr 2010 12:58:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[shareholder proposals]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=472</guid>
		<description><![CDATA[General Electric&#8217;s (GE: 15.3925 +1.60%) Annual Meeting of Shareholders is April 28th. All 16 of its directors are up for election, as well as the selection of the company&#8217;s independent auditor, and voting on 6 shareholder proposals. Please be sure to vote if you are a GE shareholder. And don&#8217;t simply accept the board&#8217;s recommendations [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/04/12/ges-board-needs-gutting/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Book Review: Trade Myths</title>
		<link>http://steventowns.com/2010/03/17/book-review-trade-myths/</link>
		<comments>http://steventowns.com/2010/03/17/book-review-trade-myths/#comments</comments>
		<pubDate>Wed, 17 Mar 2010 18:12:52 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[china]]></category>
		<category><![CDATA[enzio von pfeil]]></category>
		<category><![CDATA[exchange rates]]></category>
		<category><![CDATA[exports]]></category>
		<category><![CDATA[imports]]></category>
		<category><![CDATA[overvalued currency]]></category>
		<category><![CDATA[trade balance]]></category>
		<category><![CDATA[trade deficit]]></category>
		<category><![CDATA[trade myths]]></category>
		<category><![CDATA[trade surplus]]></category>
		<category><![CDATA[treasuries]]></category>
		<category><![CDATA[undervalued currency]]></category>
		<category><![CDATA[unfair imports]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=457</guid>
		<description><![CDATA[Enzio von Pfeil, the author of Trade  Myths: Globalization has left trade balances behind, is a Hong Kong-based investment advisor and he also manages his own family of funds using his Economic Clock. He is a regular contributor to Bloomberg TV and CNBC Asia. Enzio earned his Ph.D. in economics at the University  [...]]]></description>
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		<slash:comments>0</slash:comments>
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