A new and unimportant hypothesis

May 20, 2013
奴隷

So on the way to the curry shop I stopped by a bookstore, and performed a quasi-scientific enquiry. The original hypothesis was that Japanese people are becoming less negative on stocks. Of course, the sample size was small, so this is merely an observation, and does not even deserve to be called an enquiry. The […]

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Underreported news May 19, 2013

May 20, 2013

Underreported news May 19, 2013 Only two items of what I feel is underreported news in the Nikkei this weekend: 1. Abe’s deregulation plans only concern big business. Medium and small business owners are already unhappy about it. He plans to, for instance, make it easy for Toyota to make driverless cars or some computer […]

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Questions from a reader VI

May 19, 2013

1. The question is basically how come Japanese companies with loads of cash have some borrowings? Is it a favor to their banks? A: If you look at Western companies with loads of cash then they will sometimes have a little bit of borrowings too. The reason is that a company will have many subsidiaries […]

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Yen, horses, and music

May 13, 2013
Some Japan trade data

The horse has been incorrectly positioned, in relative terms, and it all boils down to the current account and capital account, which is why the music needs to keep on playing. Let me explain. I’m not entirely sure how well the Japanese government has thought all of this through, but their policy of cheapening the […]

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Intangibly whatever?

April 30, 2013
Overview numbers

Intangibly whatever? I have forgotten which, but a famous book on investing (probably Quality of Earnings) features a story in which the author found a company selling below book value, only to discover that it mostly consisted of a lame radio jingle, which went something like “X is the beer to have when you’re having […]

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