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Technology Stocks : JAFCO Co.,Ltd.
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To: mact who wrote ()12/1/1999 1:21:00 AM
From: Taikun  Read Replies (1) of 4
 
Fancy meeting you here.

As far as I know it is not possible to buy only Jafco US. Jafco is 1/3 Nomura, 1/3 Japan Life and 1/3 Sanwa Bank. Jafco is basically run by Nomura and returns have been in the single digit range for the last 10 years. Even Jafco's latest US fund is tanking. You can buy Brocade etc...but what were the terms??

In Japan Jafco does mezzanine (ie pre-IPO) financing. Every morning a couple of suits go to already successful companies and beg for equity stakes and to take the company to IPO (now you see why it is run by Jafco).

jafco is much more of a 'Mothers' play and a good diversification stock on a Japanese internet fund play, although their ability to exert pressure on a board pales in comparison to Trans Cosmos or Softbank.

They are more like a Hikari Tsushin in their investing style, 20 investments and the one that makes it covers the other 19 failures. The equivalent of a 'Son' or a 'David Wetherell' is a salary man with a 500 yen bonus for doing a home run IPO.

Something about a rising tide and all boats...9984 is the tide, so it should be the first pick in a Japan internet fund strategy. Jafco gives the Mothers exposure, Hikari Tsushin the strong communications/WAp play, Ito-Yokado the B-A-M part that the Japanese seem to require of the internet, and Trans Cosmos for a debt free internet fund play.

BTW, nice dip today.
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