When The Vapors recorded Turning Japanese in 1980, I wonder if they had any inkling that 30 years later the chorus would be co-opted by every macro pundit with a blog in the western world to explain the future of the US economy. It’s everywhere, to wit: The Guardian says, “We’re all turning Japanese.“ PIMCO asks, [...]
Posts Tagged ‘Japan’
Bull market in phrase “turning Japanese”
Posted in About, Stocks, tagged Doggerel, Japan on September 1, 2010 | 2 Comments »
Three ghosts of bear markets past, redux
Posted in About, Behavioral economics, Contrarian investment, Greenbackd, Net Current Asset Value, Stocks, tagged Japan on February 16, 2010 | 2 Comments »
Speculating about the level of the market is a pastime for fools and knaves, as I have amply demonstrated in the past (or, as Edgar Allen Poe would have it, “I have great faith in fools — self-confidence my friends will call it.”). In April last year I ran a post, Three ghosts of bear markets [...]
The Kabuki narrative
Posted in About, Behavioral economics, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged Japan, Liquidating Value, Net Current Asset Value, Net Net Stock, Net Quick Value on February 12, 2010 | 5 Comments »
Regular readers of Greenbackd know that I’m no fan of “the narrative,” which is the story an investor concocts to explain the various pieces of data the investor gathers about a potential investment. It’s something I’ve been thinking about a great deal recently as I grapple with the merits of an investment in Japanese net [...]
Activist investing in Japan
Posted in About, Activist Investors, Liquidation, Liquidation Value, Steel Partners, Stocks, tagged Activism, Japan on February 11, 2010 | 4 Comments »
Central to the discussion of sub-liquidation value investing in Japan is the ability or willingness of shareholders to influence management, and management’s willingness to listen. As Ben Graham noted in the 1934 edition of Security Analysis, in the US: The whole issue may be summarized in the form of a basic principle, viz: When a [...]
5 big Japanese Graham net nets
Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, Net Cash Stock, Net Current Asset Value on February 10, 2010 | 5 Comments »
In his Are Japanese equities worth more dead than alive?, SocGen’s Dylan Grice conducted some research into the performance of sub-liquidation value stocks in Japan since the mid 1990s. Grice’s findings are compelling: My Factset backtest suggests such stocks trading below liquidation value have averaged a monthly return of 1.5% since the mid 1990s, compared to -0.2% [...]
Performance of Japanese sub-liquidation value stocks: the results
Posted in About, Liquidation, Liquidation Value, Value Investment, tagged Japan, Liquidating Value, Liquidation Value, NCAV, Net Cash Stock, Net Current Asset Value, Net Net Stock, Net nets, Net Quick Value on February 9, 2010 | 4 Comments »
Since last week’s Japanese liquidation value: 1932 US redux post, I’ve been attempting to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US, which has been outstanding since the strategy was first identified by Benjamin Graham in 1932. The risk to the Japanese net net experience is the perception (rightly [...]
Performance of Japanese sub-liquidation value stocks
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Stocks, tagged Benjamin Graham, Japan, NCAV, Net Current Asset Value on February 8, 2010 | 2 Comments »
Following on from last week’s Japanese liquidation value: 1932 US redux post, I’ve been trying to determine whether the historical performance of Japanese sub-liquidation value stocks matches the experience in the US. The question arises because of the perception (rightly or not) that the weakness of shareholder rights in Japan means that net current asset value [...]
Japanese liquidation value: 1932 US redux
Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged Japan, Net Cash Stock, Net Current Asset Value, Net Net, Net Net Stock, Net Quick Value on February 4, 2010 | 14 Comments »
Zero Hedge has an article Uncovering Liquidation Value… In Japan? discussing SocGen’s Dylan Grice’s Are Japanese equities worth more dead than alive. The title is a nod to Benjamin Graham’s landmark 1932 Forbes article, Inflated Treasuries and Deflated Stockholders, where he discussed the large number of companies in the US then trading at a discount to liquidation [...]
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