Value Hive Podcast Jeremy Raper Pt. 3: Japan, Tariffs, Commodities, And More
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Mar 28, 2025 Jeremy Raper, an expert on Japan's economic shifts and corporate governance reforms, shares invaluable insights in his latest chat. He discusses Japan's evolving investment climate, focusing on balance sheet unlocking and recent governance changes. Raper also tackles the pressures of public shaming on companies and the rising trend of shareholder activism. He analyzes the impacts of Trump's tariffs on corporate strategies and dives into commodity investments, emphasizing how geopolitical events and tech advancements influence market dynamics.
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Japan's Balance Sheet Unlock
- Japanese companies are overcapitalized, holding excessive cash and assets, resulting in subpar ROE.
- Governance reforms incentivize companies to improve ROE, leading to asset sales and shareholder returns.
Japan's Governance Enforcement
- Japan uses a "name and shame" system to enforce corporate governance guidelines.
- Public shaming motivates companies to comply, even without strict regulations.
Market for Control in Japan
- A true market for control is emerging in Japan.
- This allows for hostile takeovers and activist investing, unlocking trapped value.