Imperial Metals (IPM.T) Message Board

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Gold/Mining/Energy : Imperial Metals (IPM.T)

IPM 1.980

+2.1%

Nov 10 3:59 PM EST

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To: refugee investor who wrote (859)	5/28/2011 9:26:16 AM
From: Italian Investor	Read Replies (1) of 1366

I think you are right that Japan is cheap. Not so sure that there are lots of cheap, GOOD, companies. Many have terrible returns on capital and are run with different objectives than making shareholders rich. I have the impression Korea would be a better place to hunt. You might be right that there are not many GOOD cheap companies but I do not think you need to buy good or great companies in Japan @ these levels or any country when you can get them @ the right price. Buying a basket of companies that are dirt cheap should serve you well. I will take a look @ Korea but I do not think it is as cheap as when Buffet was throwing darts years back. Take as look @ the cash flow and book values of most names in Japan it is off the charts cheap. Japan is close to throwing darts. What is scary for me about Japan is the YEN not so much the lack of good companies. I hate the YEN! What are unique about Japan is the people and companies own like 95% of Japans debt. The people and the companies are loaded with cash mainly due to the pain of the stock market bursting like 2 or 3 decades ago (totally overvalued) and it now being like 70% off its highs (totally undervalued) maybe this disaster will be what brings Japan back. I believe before this disaster it was already starting but this might accelerate the pace of the rise. Until recently I believe you did not here of many Japanese companies being shareholder friendly but as I have been doing my research I see many companies are starting to buy back shares increasing there dividend and trying to grow there businesses by diversifying away from Japan. For most people it might not serve them well buying companies like I am doing and owning the small cap index DFJ would be the best bet. I am confident in myself I can find cheaper companies than the index as a whole so I am going to keep doing my HW. Monex is a company in Japan that I bought recently pretty darn close to it lows (-88% from 5 years ago) 170 on the American which =s 13700 yen and it traded yesterday for 15430 yen. markets.ft.com Only mentioning that name because I was the volume on the American and most likely it will stay @ 170 for weeks because nobody is buying it on the American. Most people will look @ this company and say yucky NO volume, but they feel to realize that owning this is almost the same as owning 8698:TYO just it is denominated in American dollars and just because there is no volume on this name on the American it will not impact there selling because it gets routed to Japan and the daily volume is usually 20000-40000 shares a day. So there will always be a respectable BID/ASK. I think the low volume in most of these smallcap Japanese names scares off a lot of potential foreign investors because they feel to realize the volume they should be looking @ is the main syb.

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