I still feel a bit uneasy with Japan as well. More comfortable with Japan than Mexico though. In the perception of a lot of investors Japan is treated as an EM. I like the conservative financial structures and the huge equity premium compared to bonds.
With Mexico I think interest rates will come down which might give the index some additional lift.
depressing landmark in the u.s. judicial system today, making november possibly worse. so your review was a welcome distraction.
we have some overlap via your top positions...thankfully my broker prevents me from buying into illiquid foreign listings.
there is a long and bumpy path for s.korea to get the 'japan' effect, and for liquid largecap value like ft and kepco, that means dividend reform. not imminent, so not sure what will ever be a catalyst. look there for undervalued smidcap growth if you can.
ck hutchinson always triggers some marty whitman nostalgia!
finally, congrats on leaving twitter. others that have left for substack greatly underutilize notes, and have thus gone mostly silent. its a chicken\egg problem, sometimes made worse by requiring emails just to like\comment, so leave that open.
I agree, I view laggards as just part of a portfolio, and they provided dividends that went to other holdings that went higher, or were reinvested. It's like if they were private investments inside Berkshire, he would not sell, just reinvest the profits elsewhere within Berkshire.
Congrats on the solid half. Is there any good writeup on Osisko mining?
Thanks for a nice update! Interesting you not only are light on the US market, but avoid all other developed markets except for GB as well.
Any reasons in particular that you avoid Japan and continental Europe? I find quality companies there with reasonable valuations.
I still feel a bit uneasy with Japan as well. More comfortable with Japan than Mexico though. In the perception of a lot of investors Japan is treated as an EM. I like the conservative financial structures and the huge equity premium compared to bonds.
With Mexico I think interest rates will come down which might give the index some additional lift.
Japan growth is depressed (https://x.com/InvestInJapan/status/1806193192146223134) , but balance sheet value plays are imo over hyped for cyclical or weak businesses imo
Recently bought a position in KSB ag a German multinational manufacturer of pumps and valves.
depressing landmark in the u.s. judicial system today, making november possibly worse. so your review was a welcome distraction.
we have some overlap via your top positions...thankfully my broker prevents me from buying into illiquid foreign listings.
there is a long and bumpy path for s.korea to get the 'japan' effect, and for liquid largecap value like ft and kepco, that means dividend reform. not imminent, so not sure what will ever be a catalyst. look there for undervalued smidcap growth if you can.
https://www.eastcapital.com/media/h1vitss3/korea-s-corporate-value-up-program-a-new-era-for-equity-investors.pdf
ck hutchinson always triggers some marty whitman nostalgia!
finally, congrats on leaving twitter. others that have left for substack greatly underutilize notes, and have thus gone mostly silent. its a chicken\egg problem, sometimes made worse by requiring emails just to like\comment, so leave that open.
(kt, not ft)
I agree, I view laggards as just part of a portfolio, and they provided dividends that went to other holdings that went higher, or were reinvested. It's like if they were private investments inside Berkshire, he would not sell, just reinvest the profits elsewhere within Berkshire.
Congrats on the performance!
Where do you own CBD? as an unlisted stock?