I’m going to see how posting a daily summary of my tweets goes. I’ve always felt that tweets are too ephemeral and despite the excellent information and leads that do get shared, there’s far too much action/noise/distraction on Twitter. There is at least a “favorite” button, but the weak search function and inability to bookmark and sort, is something I hope Twitter gets right, soon. I’m starting these summaries for my own benefit — a quick recap of what I tweeted, retweeted, and favorited — and I’m fine if it remains for an audience of one and would of course be thrilled if others benefit. Highlights:
1. @TexasHedger Debt culture: ~1/5 of #Americans don’t plan to pay off their #debthttp://finance.yahoo.com/news/one-fifth-americans-dont-plan-050200374.html … joining the #America gov’t w/ $18T in debt
I didn’t tweet this or read the coverage, but I saw that Jeffrey Gundlach of DoubleLine said the 10-year could fall to 1%. I wouldn’t be surprised if the 10-year yields below 2% for some time. Look up Richard Koo and balance sheet recession. Look for a 10-year JGB chart. See my tweet below re. new 10-year JGB issue yields. And it’s not just the U.S. and Japan. I agree with Warren Buffett, who recently said it’s a no-brainer to get a mortgage. He’s obviously implying proper due diligence and selectivity.
0.39%… See my book, Investing in Japan.
3. @ Pabrai: If I find myself reaching for Excel, it is a very strong sign to take a pass. The thesis ought to be painfully simple in your head.
Agreed. Reflexive. Though I wonder if it’s deliberately part of Mohnish’s checklist.
Could write another book chapter on this topic. Beyond saying I’m sanguine about Japan and especially like the small/mid-cap universe, I will refrain from commenting more for now.
It’s not uncommon to find very interesting holdings in Japanese companies by Western funds, corporations, etc. Yahoo! owned a 52% stake in this leading Japanese car/auto info website as of year-end 2013. A quick glance and it doesn’t look like very interesting from either a growth or value perspective. That said, at its 52-week low, its cash would have approached its market cap and it doesn’t carry long-term debt.
6. @MattOrsagh Our Visionary Board report has been translated into Japanese: http://www.cfasociety.org/japan/Lists/Other%20Translations/DispForm.aspx?ID=8&Source=http%3A%2F%2Fwww%2Ecfasociety%2Eorg%2Fjapan%2FPages%2FOther%2Easpx … #corpgov
I put this on my reading list.
7. And from Tuesday (big selloff in Tokyo among other markets) I want to share my tweets that are appropriate again today (and the first one, forever).
Inflation, deflat., fx vol, unseas’ble temps. Hard to argue against being highly selective & focused on except’l franchises. #valueinvesting
Flight to safety buy yen & sell Japan stocks is contradictory in some ways. But I get it. A lot of momo; fx & macro hf fanboys $$ $USDJPY
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