Japan, every mention
264 scenes · ← back to Japan
tap a year for its mentions
every year anyone Ted Seides 142Toby Rodes 69David Wong 33Howard Smith 29James Aitken 19Herb Wagner 16Hiro Mizuno 13Jeremy Grantham 12David Baran 10Kazuhiko Shibata 9
Verbatim, from the transcripts: the passages where Japan comes up
Senior Decision Makers: Luis Laboy, Hewlett Foundation (EP.512)
- ▶ 38:51 Luis Laboy Japan is a great example of this. 6 times in the scene
- ▶ 40:03 Luis Laboy Japan example is a little bit different than most. 2 times in the scene
Contrarian Quality at GQG Partners – Rajiv Jain (EP.505)
- ▶ 15:44 Rajiv Jain It's interesting because of the emerging market and Far East like Japan were the two products at that point.
- ▶ 1:05:14 Rajiv Jain I remember Japanese names, which went from five percent operating margin to
Fundraising Mastery: The Tao of Kimmer – John Kim (EP.503)
- ▶ 38:11 John Kim (Kimmer) That's what the Japanese do.
Making Mistakes – Josh Steiner (EP.502)
- ▶ 53:31 Josh Steiner Let's just pick something which isn't so exotic anymore, but Japan. 2 times in the scene
Bruce MacDonald – The Playbook for Building a Mid-Sized Endowment from Scratch (EP.495)
- ▶ 37:19 Bruce MacDonald When I was at Putnam, if you were a smart international equity manager in the 19 nineties, your smartest move was to just not invest in Japan. 2 times in the scene
Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
- ▶ 31:17 Jeremy Grantham Then the classics like Japan, the biggest bubble in history in 89, went much higher than anyone else, 65 times earlier. 2 times in the scene
- ▶ 1:09:36 Jeremy Grantham Do you know the twenty-year-old cohort in Japan is 50% of what it was in 1948?
Bobby Jain – Multi-Strategy Hedge Fund First Principles at Jain Global (EP.487)
- ▶ 41:15 Bobby Jain I said, Asia is going to be a more finessed market with the very Korea, China, onshore, offshore China, Japan, India, Southeast Asia.
Jonathan Lewinsohn – Credit Microcycles at Diameter (EP.484)
- ▶ 42:59 Jonathan Lewinsohn If you look at the amount of ethylene and propylene that they're bringing on, and then go to 20 30 and shut all of the European and Japanese capacity, in 2030, you'd have more over capacity than you have now.
Nick Rohatyn – Emerging Markets Multi-Asset Investing at TRG (EP.482)
- ▶ 7:56 Nick Rohatyn A couple of years later, one of my predecessors in the capital markets group who had gone to Japan, where we had a small team, came back to New York to resign. 3 times in the scene
- ▶ 8:59 Ted Seides What stage were the Japanese markets in when you were over there? 6 times in the scene
- ▶ 10:29 Nick Rohatyn I worked incredibly hard in Japan. 2 times in the scene
- ▶ 35:07 Ted Seides How do you balance the concept of giving investors what they want with what you described as your historical experience, say, in Japan of going somewhere and doing something that other people aren't doing? 2 times in the scene
- ▶ 1:16:14 Nick Rohatyn Then I dropped it when I went over to Japan, not a good place to ride a bike in Tokyo, and picked it up again when I came back.
Year in Review 2025 (EP.478)
- ▶ 21:32 Ted Seides On the margin, there's a lot of intrigue about Japan, particularly in the public markets.
Top 5 of 2025: #4: Alex Sacerdote
- ▶ 37:03 Alex Sacerdote S-curve 10 years ago, it hit first in Japan, then we knew it was going to hit in China, and then we followed it to Korea, and then we've seen it happen all over the world.
Josh Wolfe & Brett McGurk – Venture, Geopolitics, and the Next Frontier (EP.476)
- ▶ 47:28 Josh Wolfe Big success for us in Japan.
Michael Kelly – Democratizing Access to the Middle Market at Future Standard (EP.473)
- ▶ 20:09 Mike Kelly This is a Japanese holding company, and they wanted to build vertical businesses, one of which was in asset management.
John Graham – Evolution of the Canadian Model at CPPIB (EP.465)
- ▶ 10:28 John Graham Because in science, there's an answer where we can do an experiment and someone in Japan and the US and Europe can do the same experiment and get the same answer.
Mason Morfit and Rob Hale – Quiet Activism at ValueAct (EP.462)
- ▶ 0:55 Ted Seides My guests on today's show are Mason Morfitt and Rob Hale, the co-CEOs of ValueAct Capital, which manages eleven billion dollars in public equities focused on the US and Japan. 3 times in the scene
- ▶ 13:05 Rob Hale China, Southeast Asia, Hong Kong, never brought me to Japan, but I did learn how to navigate different business cultures at a pretty early point in my career.
- ▶ 40:14 Mason Morfit And so when we go meet the next med tech company that's trying to do a global expansion and has under earning operating margins, Rob was shoulder to shoulder with me on that investment and can apply that to med tech companies in Japan or…
- ▶ 48:56 Rob Hale The second one was in Japan. 2 times in the scene
- ▶ 50:37 Ted Seides Through several of those examples, you described two quite different investments in Japan. 10 times in the scene
- ▶ 1:02:16 Rob Hale We just have one such case in Japan with a company called Topcon, which is being taken private by KKR and JIC Capital, and we'll probably have other opportunities to do that.
Jack Kokko – Building the Google of Finance at AlphaSense (EP.461)
- ▶ 6:31 Jack Kokko So as we built a system that was able to do all that and look at an earnings call happening in Japan or SEC filing in the US, all the information around the world, all companies using different vocabulary and reliably find every single…
Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460)
- ▶ 0:00 Herb Wagner One of the things that's fascinating about Japan is most experienced investors have some horror story about investing in Japan. 4 times in the scene
- ▶ 21:18 Herb Wagner Take, for example, we did a lot of stuff with credit, high yield, distress, and then we moved into structure products, did a lot of stuff in South Korea for a number of years, Japan,
- ▶ 31:51 Herb Wagner If I think about Japan, Japan was something I had looked at every year for a long time, but because of these changes that started to take place in 2014 and 2015, then we actually started investing.
- ▶ 36:59 Ted Seides I'd love to dive into the example of Japan. 19 times in the scene
- ▶ 45:18 Herb Wagner What's interesting about Japan is typically when you see a company in an industry start to make significant changes and their stock prices go up and they start to reap the benefits because now they have excess assets to buy other… 5 times in the scene
- ▶ 51:55 Ted Seides What risks in Japan are you worried about? 5 times in the scene
- ▶ 56:12 Herb Wagner If Japan changes, we're not going to be doing Japan. 2 times in the scene
- ▶ 58:19 Herb Wagner When you think about the return characteristics of a Japanese stock versus a credit instrument versus a reinsurance contract, they are really different.
- ▶ 1:05:18 Herb Wagner And if I look at what we're doing today, I mean, we're concentrated in Japan and reinsurance and a couple other things.
- ▶ 1:06:47 Herb Wagner Japan of course is.
Adrian Meli – Active Equity Excellence at Eagle (EP.459)
- ▶ 40:02 Adrian Meli You go parts of Japan for 25 years, look at China, look at
- ▶ 53:44 Adrian Meli So what I think is going to be interesting over the next three, five, seven years is parts of Asia, Japan, Korea could be interesting.
Friends Reunion 3 – Five Allocators Riff on Investing (EP.454)
- ▶ 31:50 Brett Barth Value ups for real, and it's working great this year, and we've been leaning into that in Japan, and obviously not emerging markets, but there are places you can be outside the U.S. that have been phenomenal this year.
Kipp deVeer – Scaling for Private Wealth Globally in Credit (Private Wealth 5, EP.449)
- ▶ 9:21 Kipp deVeer This GCP acquisition brought hundreds of people in the Japanese real estate business, gets us entry into that market.
Kristin Kallergis Rowland – Alts at J.P. Morgan's Private Bank (Private Wealth 4, EP.447)
- ▶ 50:34 Kristin Kolurgis-Roland We've spent a lot of time lately on themes outside the U.S., so whether it's places like Japan or developed Europe, sports media entertainment is an ecosystem that we as a bank have a lot of intelligence in, both from our clients and our…
Geopolitical Uncertainty – James Aitken, Louis-Vincent Gave, and Marko Papic (EP.440)
- ▶ 18:47 James Aitken Even if this weekend we get big, beautiful tariff trade negotiations with Japan and South Korea and maybe some others, it's too late.
- ▶ 19:30 Louis-Vincent Gave Of course you'll get a deal with Japan and Korea. 2 times in the scene
- ▶ 30:46 Louis-Vincent Gave If you're China today, your main competitor for your industry is now Japan, especially when the yen was so cheap.
- ▶ 32:03 James Aitken Being unhedged, overweight US equities has been a great winner, not least for Japanese retail investors in their nicer accounts.
- ▶ 39:01 James Aitken Off we go everywhere from treasuries to gilts to Japan.
- ▶ 56:18 James Aitken I think Japan is a winner. 3 times in the scene
Ed Grefenstette – Bold Allocations at The Dietrich Foundation (EP.437)
- ▶ 1:08:33 Ed Grefenstette And then it was Japan. 2 times in the scene
David Zorub - Navigating Hedge Fund Headwinds at Parsifal (EP.434)
- ▶ 53:23 David Zorub We have risk in places like Korea, Japan,
Eric Peters - Paradigm Shifts and Solutions at One River (EP.422)
- ▶ 41:28 Eric Peters And something happens in Japan and some weird monetary policy thing happens and a few people get stopped out and you come in and a really big market gap down that didn't allow people out.
Matt Bank - "GEMs" of Risk, Asset Allocation, and Manager Selection (EP.419)
Scott Bessent - Macro Maven (EP.415)
- ▶ 30:57 Scott Bessent It could be someone in Japan.
- ▶ 42:03 Scott Bessent You know, I remember one of our consultants telling me, you know, there's this guy in Tokyo, used to be prime minister, his name's Abe, he's gonna run for office and break Japan out of disinflation.
- ▶ 57:07 Scott Bessent Japan. 2 times in the scene
David Salem - Investment Wisdom from the Owner's Box (EP.409)
- ▶ 5:27 Ted Seides We then turn to David's views on China, Japan, private equity, and digital assets.
- ▶ 38:04 David Salem And there's an opposite side of that coin now, the opportunities in Japan.
- ▶ 41:10 Ted Seides I'd love to dive in a little more on your thoughts on China and Japan. 10 times in the scene
- ▶ 58:17 David Salem Well, I think because I believe that many corners of it, with very conspicuous exceptions like Japan, we have excess financialization, certainly in the United States, and an overpopulation of the industry.
Toby Rodes - Unlocking Value in Japan (EP.407)
- ▶ 4:37 Ted Seides Our conversation covers the case for Japan and why this time is different. 2 times in the scene
- ▶ 6:17 Ted Seides Why don't you take me back to what got you interested in Japan? 8 times in the scene
- ▶ 8:06 Toby Rodes My first boss was a visiting scholar from Japan, Jiro Tamura from Keo University. 8 times in the scene
- ▶ 9:55 Toby Rodes Japan seems immediately familiar when you touch ground. 8 times in the scene
- ▶ 12:08 Toby Rodes I realized how markets were organized in Japan so you could figure out who the winners were going to be. 7 times in the scene
- ▶ 14:19 Toby Rodes I believe in five-year cycles, and my career in Japan has at first been figure out the language, figure out how to basically be engaging and make friends and just become part of the group. 2 times in the scene
- ▶ 16:07 Toby Rodes No one else has done that coming out of Japan. 2 times in the scene
- ▶ 17:21 Toby Rodes I saw on the horizon that Japan was finally waking up from a thirty-year slumber, that a governance breeze was blowing, and that true to form, what Japan didn't understand, and that I could arbitrage into this market, was accountability… 3 times in the scene
- ▶ 17:57 Ted Seides So before diving into how you're doing that, I'd love to bridge that with talking about the case for Japan today. 7 times in the scene
- ▶ 19:20 Ted Seides So the corporate governance reform story has come in and out of favor in Japan, at least for the last 20 years. 10 times in the scene
- ▶ 22:26 Ted Seides So that initial wave that didn't really work out also sounds very consistent with how you described the culture of Japan and 10 times in the scene
- ▶ 26:14 Toby Rodes That was the BOJ doing a hostile takeover of the Japanese bond market. 6 times in the scene
- ▶ 28:50 Toby Rodes In Japan, we had the same 4000 listed companies, but we got there from 2000. 2 times in the scene
- ▶ 29:33 Toby Rodes What's really interesting is Japan has tried to educate their own domestic investor complex to be better custodians of capital. 3 times in the scene
- ▶ 32:13 Toby Rodes So a fan in Japan is the symbol of prosperity. 2 times in the scene
- ▶ 34:03 Toby Rodes One, in Japan, this has been a growth-starved economy for a long time. 4 times in the scene
- ▶ 35:44 Toby Rodes It's the biggest risk in Japan. 4 times in the scene
- ▶ 43:50 Toby Rodes This is the cultural element again, because Japan is a proof of work culture.
- ▶ 44:51 Toby Rodes Japan has shown that it compounds at about 12%. 2 times in the scene
- ▶ 46:34 Toby Rodes Market multiples in Japan are seven, eight, maybe depending on where you look and maybe market cap adjust, 12 times EBITDA. 2 times in the scene
- ▶ 48:59 Toby Rodes So the big element here, and it's playing out, is that this market for control is too painful for Japan to bear. 4 times in the scene
- ▶ 51:43 Toby Rodes So our portfolio is built for even things like the normalization of Japanese interest rates. 6 times in the scene
- ▶ 53:03 Ted Seides When does the banging the table of this is an exciting time to be investing in Japan get normalized? 4 times in the scene
- ▶ 57:14 Toby Rodes I think the second is a mentor in Japan. 3 times in the scene
- ▶ 59:55 Ted Seides Toby, thanks so much for sharing this really compelling case for what's going on in Japan.
Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Training Grounds: Bain Capital, John Connaughton (EP.395)
- ▶ 22:35 John Connaughton We've had the same country managers in Japan, in China, in India, Korea, and Australia from the very beginning, and we've been there for 20 plus years, whereas I think our industry has just found they bring
- ▶ 23:25 John Connaughton Yuji Sugimoto runs Japan. 3 times in the scene
- ▶ 43:24 John Connaughton And being deep in a geography, a hundred people in Japan, these are all things that are table stakes to be really successful is that depth that I'm describing.
Ben Hunt - The Stories that Drive Markets (EP.393)
Anne-Marie Fink - Cutting Edge Pension Investing at SWIB (EP.389)
- ▶ 56:46 Anne-Marie Fink I have loved Australia, have loved Japan, China, Europe, Africa, a little bit of everything.
Dan Tennebaum - The Case for India at India Capital (EP.387)
- ▶ 35:51 Dan Tannenbaum There are companies in industries where penetration is eight decades behind the US, but capacity is due to come in the next five years that will all strip US, Europe, Japan, Russia combined.
- ▶ 43:40 Dan Tannenbaum In India, sometimes you are the only person doing that kind of work, particularly in the context of other investors that have to cover every other emerging market or every other AsiaX Japan market.
- ▶ 1:20:30 Dan Tannenbaum It's a larger economy now than Japan, but GDP per capita is still on par with Congo and Ivory Coast.
Cliff Asness - Simple Investing is Hard (EP.385)
- ▶ 51:24 Cliff Asness IFA, and driven mostly but not entirely by Japan, had crushed the U.S. for 20 years, maybe where the cognitive dissonance comes in.
Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
- ▶ 16:55 Shiloh Bates It's large Japanese banks and insurance companies that like to buy the AAA. 2 times in the scene
Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
- ▶ 34:27 Michael Milken So you could look at Japan, where two people die for everyone that's born, and you can buy in rural areas today entire towns for 250,000, because the people are gone and the young people want to live in the cities.
Magnus Grimeland – Day Zero Investing at Antler (EP.369)
- ▶ 11:45 Magnus Grimeland But when we started, the only way you could really buy things online there is getting shipped in from Japan or from Europe or from the US or from China.
Adam Karr – Extreme Alignment at Orbis (EP.338)
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