How to Find Cheap Stocks in Japan

The trick in Japan is not finding cheap stuff. The trick is how do you extract value? This is a different point to the whole low cost of capital, structural, QQE point we were talking about before. There's generally a ton of hidden real estate value in a lot of these names which they only really go into in the notes of that document. If you're a shareholder in Japanese company, it's not even your number two. Probably number three or number four. That comes first before everything else and the needs of the shareholder are probably ranked third or fourth after all these other stakeholders.

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