Made in Japan 🇯🇵

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Made in Japan 🇯🇵

Made in Japan 🇯🇵

@InvestInJapan

Everything on Japanese Culture & Investing 🌱 Local market insights 🗺️ Quality 📈 Hidden Gems 🔍 Unique mental models 🧠 Views my own. Not investment advice.

Kamakura-shi, Kanagawa Katılım Mart 2023
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
The First episode of the Made in Japan podcast is finally out. (Link in reply) We felt our interview with Philip was going to be the perfect first episode as an introduction to Japanese markets. Over the last 2 decades, he’s seen the country as a lawyer, investment banker and now an investor. He’s worked with truly the pioneers of Japanese activist investing like Yoshiaki Murakami of M&A Consulting and Seth Fischer of Oasis. Through his adventures not just in Japan but in East Asia, he has so many interesting stories to tell! We learnt ⚪︎Why Activism Struggled in the past and why that’s changing ⚪︎Why Activism, and Japan, is still a huge opportunity today ⚪︎Some of the misconceptions of Activism ⚪︎Japan’s unique business culture and how Japanese companies think about M&A ⚪︎And some of his favourite things to do in Japan! We still have alot to improve on so we’d love to hear your feedback, thoughts or suggestions if you have any!! Or even any guests that you’d want us to interview! We hope you enjoy this conversation. If you liked it and want to hear more, we would really appreciate it if you like this post, retweet, and subscribe! Thank you for your interest and support ♥️🎌 Finally a special thank you to the people around us who’s been so encouraging and supportive for this project. Ben and I still have no idea where this’ll go but we hope to bring some unique perspectives!
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
@AltayCapital Ooooooh yes! Also wrote about this one in Japan Idea Radar #3 ! one of the few Deep Values I liked and ended up buying some!
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AltayCap
AltayCap@AltayCapital·
Mitsui Matsushima (TYO 1518) up'd forecast for FY27 up today. Dividend going up BIGLY from ¥74 to ¥130 per share (8.3% yield). Company reminds us that they have a progressive dividend policy too, so they will aim to maintain + increase. This is big.
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AltayCap@AltayCapital

Great writeup by @travislundyasia on @smartkarma on Mitsui Matsushima (TYO 1518). I bought some at open. Stokc has run up, but remains very cheap. Murakami group has a large stake. Company buying back shares and paying out big dividend (5%). Not net-net cheap, but cheap!

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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
NEW EPISODE OUT NOW ❗️❕ We covered a lot of ground on how to invest in growth companies as a 'foreigner' and how to find multibaggers in Japan. Our guest today is Praveen Kumar Praveen has close to 2 decades of experience investing in growth equities as the former Portfolio Manager of the Baillie Gifford Shin Nippon Trust, the Japanese Smaller companies fund and as the co-deputy of the Baillie Gifford Japan Trust. Growth equities have admittedly had a tough stretch these past few years. But it’s exactly why we felt this was a great conversation to have, and understanding why there are some interesting opportunities today. We loved hearing his experience as someone who looks at a different corner of the Japanese market to many foreign investors who tend towards deep value. What’s also remarkable, and something that should give courage to many investors, is that he’s learnt to invest in Japan without speaking Japanese! When he first started, translation wasn’t easily available and he’s had to learn the hard way. Through his 2 decades of experience talking to Japanese companies and investing in them, he shares practical insights on investing in Japanese growth companies. Whether its about how to talk to Japanese management teams, how to assess them, or how to understand the cultural context of Japanese business. He also mentions several interesting investment ideas that are solving uniquely Japanese problems today. In this episode we discuss: ・Why language barriers are an overrated deterrent to investing in Japan ・The unique red flags and green flags when looking at Japanese companies ・What kind of companies have been multi-baggers ・How to build rapport with Japanese companies ・Some of the unique consumer behaviours in Japan ・Investing in SoftBank ・The invisible market cap ceiling for Japanese companies ・Some of the best resources to learn about Japanese culture …and more We hope this gives our listeners a deeper insight into why, in addition to statistically cheap companies, there are interesting opportunities in growth equities - and the tools and insights to improve your research process for fundamental analysis in Japan.
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
My dear friend Ryan at Terton capital is doing gods work in the Korean Capital markets - if you think Korea can be as big an opportunity as Japan (and he knows Japan too!) he is a must follow!
Terton Capital@terton_capital

We wrote an Open Letter to the Board of Directors of Golfzon Holdings. tertoncapital.com/letters-and-ma… We are strong believers in the corporate governance reforms that are unfolding in Korea and would like stakeholders, including shareholders, employees, customers, and society, to understand the facts and actions behind the tender offer made by SJ Investment Holdings, a vehicle directly tied to the former CEO. We believe that this transaction undermines Korea's corporate governance efforts and credibility, and potentially dampens foreign investor appetite for Korean equities.

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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
The Sanki-Shin Maint merger is going to create the largest pure-play maintenance player in a fragmented industry. As a Sanki holder, I share my thoughts on why this could be really interesting at 7.5x EBITDA. Fortuitous timing, given that I had spoken to both over the last month! Also lucky that I chose to invest/cover Sanki, which has gotten less interest and attention vs Shin Maint. I like to think I know them decently and can share additional perspectives from 'the other side' of this merger. (also see prev write up) This has also somewhat devolved into a mini profile of Shin Maint . I studied and followed it for some time and have spoken to them on several occasions. In fact, their equity stake in Sanki is what made me like Sanki in the first place! So I've decided to use this as an excuse to share all my notes on Shin Maint. If you're a Shin Maint holder, I think you might get some useful insights too :) I'll share some of the nuances of this merger that are less obvious/known in terms of the idiosyncratic risks and opportunities in the years ahead. Overall, I like it, especially as a Sanki holder; this was one of the possible outcomes I laid out previously. That said, there are still some uncertainties, so let me know your thoughts 🙏 In this piece I cover: •Summary of the transaction, key things to know •Shin Maint • Potential synergies between the two that many may not realise •Key risks to the Merger •Pro-forma valuation and forecasts •So what now? Closing thoughts Find it in the usual place! $6044.JP $6086.JP
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Clark Square Capital
Clark Square Capital@ClarkSquareCap·
Value often accrues to the owners of surviving businesses when capital exits an industry; value often accrues to customers when capital floods into it.
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
One of the great things about X is the latent alpha you find, not just in investing but through people! @GavinSBaker & team created a wonderful initiative to unlock this and I can't wait to shill Japan! SEE YOU IN AUSTIN 🇺🇸 X 🇯🇵
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Made in Japan 🇯🇵 retweetledi
James Riney🐠Coral Capital
James Riney🐠Coral Capital@james_riney·
Even the AIs are Japanmaxxing.
Superman@thesupermanmx

Researchers proved every major LLM is secretly obsessed with Japan. And they finally figured out why. For years, we’ve been told that AI is entirely Western-centric, that it just reflects Silicon Valley and American values. A landmark paper by Cardiff and Basque researchers tested 31,680 cultural prompts across 24 languages on frontier models like ChatGPT, Claude, and Gemini. The results shattered that assumption. In six out of eight frontier models, Japan was the single most frequently referenced country when asked open-ended cultural questions. Ask about traditional dances, festivals, or everyday practices in an open context, and the AI defaults to Japan. Over and over again. Here is the twist nobody expected. This bias doesn't come from raw pre-training internet data. The researchers tracked where the obsession forms. It emerges after pre-training, during the supervised fine-tuning and alignment phase when humans teach the AI how to behave. Why Japan? Because decades of global soft power, rich cultural export, and clean, universally admired digital archives make Japanese culture uniquely "safe" for AI safety filters to lean on. When labs train models to be harmless and universally pleasing, the AI defaults to the cultural equivalent of comfort food. It avoids controversy by talking about anime, sushi, and tradition.

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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
@JonCukierwar Couldn't agree more Jon! Something I was shocked to see in Omaha was how much dogmatic thinking there was when it came to 'value investing'
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Dan Castellano
Dan Castellano@ninja_padrino·
Fuji @ Morito Kaigan
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Zushi-shi, Kanagawa 🇯🇵 Filipino
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Coocoo
Coocoo@CompaCompu·
@InvestInJapan 💀 Your words can’t hurt me more than my stupidity
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
There is a wonderful irony in the news that Saizeriya becoming less affordable (price hikes) is allowing me to afford more Saizeriya. Capitalism at it's finest. 🍝
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
@DaBao_ yeah and I've been to Amano HQ before. It felt very old school. Key here for me though is it's all about distribution.
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DaBao
DaBao@DaBao_·
@InvestInJapan looks very promising. Amano's punch clock looks outdated, Photosynth's smart lock seems like a genius solution for punch in. it can retrofit the original door handles so installation is easy.
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
The more I think about it, the more I like Photosynth $4379.JP mentioned here. Basically a SaaS that's been killed by AI fears even though there's a huge hardware component. One of the most important points is that revenue is re-accelerating, and they are now partnered with Hikari Tsushin $9435.JP which know how to sell! Not only are they partners, Hikari has been buying more and own 16% of the company now.
Made in Japan 🇯🇵@InvestInJapan

Out with a new issue of Japan Idea Radar! Been a fun one to write. There are still so many interesting opportunities in Japan. As mentioned before, this is aimed to help others start digging through the ideas before I do or disprove me - In the past, some of these Ideas have done better than my actual longs so…hopefully you’re smarter than me to figure out which ones are worth investing in today. Free idea included. Today’s will be an eclectic mix: 🔹a cheap SaaS company thrown out with the bathwater that looks way too cheap versus it’s growth; 🔹a growth company with significant tailwinds from defense spending; 🔹a deep value company with significant tailwinds from defense spending; 🔹a cheap Data Center play with improving governance below book; 🔹to a deep value situation which has a significant RE/Equity portfolio including a valuable hidden Semiconductor holding and trading at a deep, deep discount to NAV; Usually I stick to small/micro caps. This one runs from small to large, growth to balance-sheet cheap. Go disprove me. And if you find something, let me know pls. lol. Enjoy!!!! (Photo unrelated. The Dog guy in Harajuku has rizz.)

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Dan Castellano
Dan Castellano@ninja_padrino·
@InvestInJapan I plan on buying back in when the price settles sometime in the future, rather enjoy galavanting with my Saizeriya shareholder status🤣
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
@ninja_padrino Its Insane how markets work. One sentence from management apparantly makes the company worth ¥100 billion more😅😅😅
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Made in Japan 🇯🇵
Made in Japan 🇯🇵@InvestInJapan·
Saizeriya is limit up today. Overall numbers looked pretty solid but the big news seems to be that management is thinking of implementing price increases given this new world of inflationary Japan... We'll see what this actually means in practice...! This is big news considering they were adamant about not doing this for decades.
Made in Japan 🇯🇵@InvestInJapan

So... sounds like a joke, but last week I started a small position in Saizeriya. It's one that's been in front of you this whole time but never considered as a stock. I believe Saize has the hallmarks of a potentially generational biz. will do a write-up. For now, a few points🧵

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Keşfet

@AltayCapital @ClarkSquareCap @ArneUlland @GavinSBaker @JonCukierwar @ninja_padrino @CompaCompu @allenwlee