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The Japanese Equity Market
The Idea Farm
October 29, 2023
Together With
“There are quarters, there are years, there are even cycles when contrarian investing doesn’t work particularly well, but over long periods of time, it’s relentless.”
- Rob Arnott
Research
GMO - Japan: The Land of the Rising Profits (12 pages)
James Montier looks at the Japanese equity market, which has continued to de-rate despite the improved fundamentals, which creates a potentially very interesting opportunity for investors.
AngelList provides an update on startups and venture capital, which saw an uptick in the activity rate and median valuations. The highlight the interest in AI/ML startups, the continual rise in geographic dispersion of startups outside of SF & NYC and an upward trend in startup card spend.
Facts & Figures
Half of the world’s cashews are sold by Costco. Source: WSJ
Americans paid $163.89 billion in credit card fees and interest in 2022. Source: WalletHub
The average ticket price for North American tours hit $120.11 this summer, a 7.4% increase over last year and up 27% from 2019, according to Pollstar. Source: WSJ
In 2016, China reported 17.86 million births. This week, it reported 9.56 million births for 2022. Source: Patrick Brown
"We use enough crude to fill about 6,500 Olympic-size swimming pools every day. More than a third of those swimming pools would be needed to quench the thirst of two countries: the US and China." Link
The trusted 60-40 investing strategy just had its worst year in generations. Source: WSJ
It is now 52% more expensive to buy a home than to rent one because of climbing mortgage rates. Link
17 states guarantee a Personal Finance course for all public high school students. Link
Source: Next Gen Personal Finance
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Podcasts
9/1/23 - 77 minutes
Famed venture capitalist Marc Andreessen shares how s into a combination of tech and liberal arts in a way to fuel your writing.
9/1/23 - 49 minutes
In this must-listen VC-focused episode, Verdis Investment Management’s Jamie Rhode discussed data-driven investing, why power laws dominate venture capital, investing in first time managers, and more.
9/27/23 - 118 minutes
Farnam Street & The Knowledge Project host Shane Parrish covers topics from his new book, Clear Thinking: Turning Ordinary Moments into Extraordinary Results. It’s a masterclass in how to optimizing decision-making & live a more intentional life.
WHAT ELSE IS HAPPENING
Meb Faber talked with Que Nguyen about the Magnificent Seven, fundamental indexing and the relationship between inflation and stock valuations.
Deal of the Week: Monti Kids empowers parents to make the most of the infant/toddler years with complete, at-home Montessori programs and support to nourish children’s independence and individuality. Use code MEB for $60 off today.
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