Warren's Six Segments of Luck

Warren Hayes: I understand from various publications that many of the best value investors are buying high quality multinational Japanese companies. We're quite a bit less enthused about those stocks as being any kind of obvious bargains than the people that you read about in OID. The returns on equity in most areas of Japanese business returns on equity are very low. And it's extremely difficult to get rich by owning by being the owner of a business that earns a low return on equity.