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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (42471)4/29/2011 3:48:45 AM
From: Paul Senior1 Recommendation  Read Replies (1) of 78603
 
"Their ROE is abysmal (~4%) but if you strip out the cash and the LT investment (shares in other Japanese companies), which are not necessary to run the business and contribute very little to net earnings..."

That's part of my point. You can't strip these out. As the hedge fund who bought more than 50% of a Japanese company found out.

The interweaving of suppliers/customers (keiretsu) meant in my day that there was a Japanese mindset against doing any such thing (to enhance shareholder value or attractiveness).

You say it's different now or not significant; and you invest. Okay. For me, the low price-to-value in so many of these Japanese stocks is an affirmation that perhaps the Japanese mindset that I found, still exits. (Namely we Japanese want market share and ultimately profits; how our stock price trades, is of much much lesser concern.)
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