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
Adam Karr – Extreme Alignment at Orbis (EP.338)
Kipp deVeer – The World of Private Credit at Ares (EP.329)
- ▶ 58:46 unnamed speaker The one place that we're not that we'd like to be investing is Japan.
James Aitken – Opportunities and Risks from Monetary Policy (EP.326)
- ▶ 5:02 Ted Seides We turn to attractive opportunities arising from it in the US industrial complex, Japan, and the UK, and risks on the horizon from volatility targeting, unprofitable businesses, illiquid exposures, and the absence of governments willing to…
- ▶ 34:59 James Aitken One of those that's been on the top of my list for some months is Japan. 9 times in the scene
- ▶ 56:45 James Aitken Suffice to say, there's a lot of work going on with Singapore, Indonesia, South Korea, Japan, the US about how do we make our supply chains fit for purpose and defense supply chains, critical minerals, energy, all of this is happening in…
Amy Falls – From Bonds to Boards to Leading Northwestern (Capital Allocators, EP.316)
Ashby Monk – Investor Identity, Navigation, and Resilience (Capital Allocators, EP.312)
- ▶ 38:57 Ashby Monk You can't run a just-in-time process in the Japan style and then make changes at the last second and expect things to arrive just in time.
David Abrams – Sports Ecosystem Investing at Velocity (Capital Allocators, EP. 303)
- ▶ 12:02 David Abrams Originally, it started in Asia in the late nineties when you had financial crisis in southeastern Asian countries, and then it moved up to bigger economies like Japan and Korea, and most of those markets were dominated by U.S. investment…
Tom Steyer – Investing to Save Humanity (Climate Solutions EP.1, Capital Allocators EP. 300)
- ▶ 20:30 Tom Steyer They had a Japan desk, but other than that, that was their Asian team. 2 times in the scene
- ▶ 44:25 Tom Steyer So the price of natural gas, the exact same substance in Japan could be literally 10 times the cost of natural gas in Texas.
Thomas Majewski – Empty Rooms: Masterclass on CLOs at Eagle Point Credit Management (Capital Allocators, EP. 284)
- ▶ 23:57 Tom Majewski So banks buy it in the United States, some Japanese banks, some European banks buy it,
Charles Van Vleet – Thinking Differently with Pensions at Textron (Capital Allocators, EP. 283)
- ▶ 9:13 Ted Seides And on the other side, you then go over to Japan and that Widowmaker has lasted and continues to last to some extent. 3 times in the scene
- ▶ 38:39 unnamed speaker What's happening in Japan. 2 times in the scene
- ▶ 49:36 Charles Van Vleet So they built up leverage in the UK, they built up leverage in Japan.
Frank Brosens – Culture and Partnership at Taconic Capital (Capital Allocators, EP.282)
- ▶ 19:23 Frank Brosens It was actually Fisher Black who brought it to my attention and he and I talked about that opportunity.
Louis-Vincent Gave – The Case for Emerging Markets (Capital Allocators, EP.275)
- ▶ 15:39 Louis-Vincent Gave Treasuries, German bonds, JGBs.
- ▶ 23:11 Louis-Vincent Gave And as he put it to me, it was obvious that Japan had hit the wall in 1990 and 1991. 2 times in the scene
Annie Duke – The Power of Quitting (Capital Allocators, EP.273)
- ▶ 48:25 Annie Duke They started thinking about it, and I think it was about 2008, and the idea was to build high-speed rail, like in Japan or other places, that would connect San Francisco and Silicon Valley to LA and San Diego to the south.
SPECIAL ANNOUNCEMENT: Private Equity Deals Podcast
- ▶ 10:20 Pete Stavros We would go to Japan for 10 days at a time, and we would have the founders of the Toyota production system take us around to a dozen of the world-class lean plants in the world, right? 2 times in the scene
Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270)
- ▶ 32:14 Greg Lippmann The other is it remains an over the counter market, which basically means there are situations all the time where a bank in Japan or an investor somewhere in the world or the US, they need to sell an asset and they call an investment bank.
Howard Smith – Japanese Equities at Indus Capital (Manager Meetings, EP.35)
- ▶ 4:43 Ted Seides Howard is a partner and portfolio manager of the Japan Strategies at Indus Capital, an Asia-focused investment firm that manages three and a half billion dollars, including a billion focused on Japan. 3 times in the scene
- ▶ 8:12 Howard Smith Some from Japan, and so I got to know some Japanese people at the university, and I think that stimulated a little bit of interest in Japan. 5 times in the scene
- ▶ 9:17 Howard Smith But my interest in Japan had been building during this period. 8 times in the scene
- ▶ 15:33 Howard Smith and then the bubble bursting, and of course that was the beginning of a great balance sheet recession in Japan, the ramifications of which persist to this day. 3 times in the scene
- ▶ 17:30 David Wong Talk about your path growing up through the firm and now managing the Japan strategies. 7 times in the scene
- ▶ 22:21 Howard Smith I really wanted to see Japan from a different perspective and get closer to the other portfolio managers at Indus, all of whom were based in North America, either in New York or in San Francisco. 5 times in the scene
- ▶ 25:33 Howard Smith If you look at the Japan funds that I manage, the majority of the companies in which we invest are global businesses. 3 times in the scene
- ▶ 27:39 Howard Smith Nowhere is that more true than Japan, because we have myself and Byron and John all investing in the Japanese market, some long short, some long only. 2 times in the scene
- ▶ 32:05 David Wong And while you specialize in Japan, you sit at a firm that invests pan regionally. 10 times in the scene
- ▶ 36:06 David Wong We talked about changing market structure in Japan from when you were first starting there to what it looks like today. 2 times in the scene
- ▶ 41:33 David Wong Zooming out a bit, what makes you excited about Japan today? 14 times in the scene
- ▶ 45:23 Howard Smith Yeah, I mean, it is a two-tier market still, and it's still possible to have disappointing meetings in Japan when you're almost speaking a different language about the cost of capital or about balance sheet structure, but no doubt, on… 2 times in the scene
- ▶ 57:08 Howard Smith I think that's been developed through my time in Japan and my understanding of the Japanese language and my 20 years at Indus Capital and observing and learning from those who came before me at Indus.
Mario Giannini – View from the Top of Private Equity at Hamilton Lane (Capital Allocators, EP.262)
- ▶ 1:01:35 Mario Giannini Like what, what an S issue is in the United States is very different from what it is in Japan.
Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
- ▶ 12:55 Rob Citrone He did it through individual stocks, but we were short Japan and long the US. 2 times in the scene
- ▶ 30:13 Rob Citrone In fact, I think one of the best opportunities in the world, quite frankly, is in Japan, where they have the YCC program, where they have tenure rates pegged to 25 basis points, zero to 25.
Olaf Carlson-Wee – The Future of Crypto (EP.257, Crypto for Institutions 2 – EP.04)
- ▶ 9:49 Olaf Carlson-Wee Gox in Japan.
Billy Libby – Disruptive Venture Funding at Upper90 (Capital Allocators, EP.251)
- ▶ 40:09 unnamed speaker There's more natural gas that gets flared in the US every year than the amount of energy consumed in Africa and Japan.
Tom Lenehan – Taking the Helm at the Wallace Foundation (Capital Allocators, EP.246)
- ▶ 25:35 Tom Lenehan We've actually done some things that we ported over from Rockefeller in Japan, as well as in South Korea.
Arjun Sethi – A Technology Company that Deploys Capital at Tribe, Venture is Eating the Investment World 10 (Capital Allocators, EP. 240)
- ▶ 19:23 Arjun Sethi And so I just got a lot of exposure to what was happening in Korea, what was happening in Japan and Southeast Asia.
Marko Papic – Geopolitical Shock in a Multi-Polar World (Capital Allocators, EP.237)
- ▶ 26:42 Marko Papic You saw that with Japan. 3 times in the scene
- ▶ 29:01 Marko Papic Japan missed it completely.
Aydin Senkut – Tenacious Sourcing and Founder Support at Felicis, Venture is Eating the Investment World 6 (Capital Allocators, EP.234)
- ▶ 31:23 Aydin Senkut I remember being responsible for Japan. 2 times in the scene
Will Cook - Sunriver Management (Manager Meetings, EP.22)
- ▶ 6:34 Ben Cooper Mid smaller cap companies, maybe regions that are less well trafficked in like Japan has been an area where we spent a lot of time.
Richard Tedlow - Charismatic Business Leadership (Capital Allocators, EP.222)
- ▶ 21:40 Richard Tedlow Japan and Germany had come back.
Jordi Visser – Analytics and AQ at Weiss (Capital Allocators, EP.221)
- ▶ 21:24 Jordi Visser We have a, uh, Japan
- ▶ 35:07 Jordi Visser Now, on the government side, they're going to keep rates lower because they can't hurt the distribution of wealth problem, and this is the main thing, is whether it's Japan setting up a wealth distribution council, whether it's China…
Savneet Singh – The Operator/Investor whose Software is Feeding the World (Capital Allocators, EP.220)
- ▶ 8:35 Savneet Singh I remember meeting CEOs when I was 22 years old, flying to Japan to do a deal.
Rashmi Kwatra – Sixteenth Street Capital (Manager Meetings, EP.17)
- ▶ 9:41 Ellen Ellison I've done this in Japan, I've done it in Latin America, so that I feel like I have a fairly good international or emerging market baseline for her, given that she was a relatively small fund,
- ▶ 53:43 Rashmi Kwatra So does Japan. 2 times in the scene
Barry Sternlicht – Masterclass in Real Estate in a Post-COVID World (Capital Allocators, EP.216)
- ▶ 20:10 Barry Sternlicht We've been all over the world, whether it's Thailand or Japan or Europe.
- ▶ 32:11 Barry Sternlicht Now, in Korea, in Saudi, in Japan, they're back in the office.
Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
- ▶ 42:00 Daniel Graña The export driven economic model that was used by very successfully by Japan, then Korea, Taiwan, and now China, that is not going to be as easy to replicate going forward.
Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215)
- ▶ 42:41 Casey Whalen I think, like, Japan is a wonderful long short market. 3 times in the scene
Rick Rieder – BlackRock (Manager Meetings, EP.08)
- ▶ 28:42 Rick Rieder Do you think Japan will be a buyer or seller of bonds and manage a lot of money for Japanese clients? 2 times in the scene
Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208)
- ▶ 41:42 Wylie Fernyhough It's just so nice to get out of the norm and be exposed to new cultures, meet new people, and Japan was the first place I really traveled that sparked my love of traveling, and I can't say enough about the people, the culture, the food.
Julia Bonafede – Rosetta Analytics (Manager Meetings, EP.04)
- ▶ 12:24 Julia Bonafede Wilshire was primarily doing business within the U.S. at that point, and had started doing business with Japan, and really had not offered its services anywhere outside of the U.S., and the first thing that we did, we had a woman come in,…
Private Equity Masters 4: David Rubenstein – Carlyle Group (Capital Allocators, EP.203)
- ▶ 11:57 David Rubenstein We had a few Japanese investors. 2 times in the scene
- ▶ 20:25 David Rubenstein And then after Europe, I would go to Asia, then Japan, and then we did the rest of the world, Latin America, Middle East, and Africa as well. 2 times in the scene
- ▶ 31:55 David Rubenstein The major in countries in Asia, including Japan, North America, and Western Europe, that's where the profits are really being made.
Jeremy Grantham – GMO (Manager Meetings, EP.01)
- ▶ 22:13 Jeremy Grantham All of them are overpriced, and whether they're overpriced at 25 times earnings or 35 times earnings or in Japan at 65 times earnings, it's very difficult to work out in any sort of academic way since you're dealing with craziness where… 2 times in the scene
- ▶ 29:04 Jeremy Grantham Even Japan went to 65. 2 times in the scene
- ▶ 44:25 Jeremy Grantham Japan, who, who also did very well, 3 times in the scene
- ▶ 53:09 Jeremy Grantham Why would I care if every other Japanese owns every other Japanese tons of money, so that in total, the debt looks intimidating by historical standards. 2 times in the scene
- ▶ 54:53 Alex Shahidi Because obviously they have a lot of tools to use, but when you look across the world, you look at Europe, you look at Japan, they have a lot of tools as well, and they've been trying for a long time without success.
Private Equity Masters 3: Robert F. Smith – Vista Equity Partners (Capital Allocators, EP.202)
- ▶ 56:01 Robert F. Smith It's Japan.
Private Equity Master 2: John Connaughton – Bain Capital (Capital Allocators, EP.201)
- ▶ 42:35 John Connaughton We've wanted to Japan Metal Market for, for the last four years, but we just needed to find the capacity, and since we grow organically, a lot of our people, it does mean that they have to come up through the organization oftentimes.
- ▶ 53:40 John Connaughton And so the secret sauce that they don't get is that the reason why they want to work with each other, the reason why we have the longest tenured Asia head, Japanese head and India head.
Private Equity Masters 1: John Toomey – HarbourVest Partners (Capital Allocators, EP.200)
- ▶ 46:47 John Toomey A place like Japan, where the private equity as a percentage GDP is probably the lowest of any developed market in the world, as you see some of the daily headlines, that is changing, that is evolving, and so that's a quite attractive…
- ▶ 59:30 John Toomey What's happening in Japan right now, and our team on the ground, and our clients, and are we going to be able to fly to the EU in order to meet clients again face to face, and then
Innovation in Private Markets 3: Sulaiman Alderbas – A Massive Restart at PIFSS (Capital Allocators, EP.194)
- ▶ 43:51 Sulaiman Alderbas So remember that Asia market neutral, it didn't work because Japan was kind of boring for a long time, and then it really ripped off.
Innovation in Private Markets 1: Steve Moseley – The Space in Between GPs and LPs at Alaska Permanent Fund (Capital Allocators, EP.192)
- ▶ 6:15 Steve Moseley This is just after the bubble burst in Japan.
Dominic Garcia – Risk-based Investing at New Mexico PERA (Capital Allocators, EP.187)
- ▶ 34:52 Dominic Garcia So for instance, we're going to be long MSCI world and short Japan, or just as an example, what you're really hedging out is that residual.
Jeff Housenbold – Inside Softbank Vision Fund (Capital Allocators, EP.186)
- ▶ 26:47 Jeff Hausenbold Masa had an exclusive to sell the iPhone in Japan, was very close to Steve Jobs.
Crypto for Institutions 4: Ari Paul – Exploiting Inefficiencies in Crypto Trading (Capital Allocators, EP.183)
Crypto for Institutions 1: Eric Peters – The Macro Case for Bitcoin (Capital Allocators, EP.180)
- ▶ 32:44 Ted Seides How do you think about the historical analog of Japan in their zero interest rate environment for whatever it is now, 20 years, where it seems like they've continued to do just fine.
- ▶ 47:15 Eric Peters Maybe there's a run on a currency in Japan or, you know, I don't know what happens, but
Alex Shahidi and Damien Bisserier – Uncorrelated Return and Balanced Risk at Evoke-ARIS (Capital Allocators, EP.179)
- ▶ 25:36 Damien Bisserier There are historical examples in Japan, for example, where yields have been low for a long time. 2 times in the scene
David Baran and Kazuhiko Shibata – Friendly Activism in Japan at Symphony (Capital Allocators, EP.176)
- ▶ 4:19 Ted Seides Symphony focuses on deeply undervalued companies in Japan with a long bias, constructive engagement strategy that works closely alongside willing management teams to see intrinsic value reflected in the share price. 4 times in the scene
- ▶ 5:26 Ted Seides So David, why don't you take me back to the beginning, and how in the world you got to Japan? 7 times in the scene
- ▶ 12:05 Kazuhiko Shibata And at that time, Japan, students coming from Japan is the largest group. 3 times in the scene
- ▶ 15:37 David Baran And it got me thinking that the long-term investment in deep value names in Japan probably is the best place to put your money. 2 times in the scene
- ▶ 18:55 Kazuhiko Shibata But when I went back to Japan, company belong to employees. 5 times in the scene
- ▶ 27:37 David Baran Now they've worked through all of that for the most part, but we would go to city hall and pull the land registrations based upon the company's 10 Q's or whatever it would be in Japan.
- ▶ 34:27 Kazuhiko Shibata We created the limited partner in Japan, and limited partner on 40%, and management, a founding family on 20%, so that we, together we control two sides.
- ▶ 35:50 Ted Seides David, there have been so many fits and starts over the last 20 years of the perception that governance in Japan was changing. 3 times in the scene
- ▶ 48:38 David Baran I always found it very interesting where people would poo poo Japanese companies and say, oh, you know, their return on investment is so slow, their margins are so bad.
- ▶ 54:21 Ted Seides So I'm curious, as you've gone through these iterations, both with changes in the Japanese equity markets, and as you mentioned from when you started, changes in, say, the hedge funds that were coming in, what's happened over the years… 4 times in the scene
- ▶ 58:15 David Baran Started to really take notice and try and deploy more assets to Japan, try and shake things up. 4 times in the scene
- ▶ 1:03:51 David Baran But between family and markets, both Japan and international, 2 times in the scene
Ben Reiter – Over the Edge with the Houston Astros (Capital Allocators, EP.166)
- ▶ 10:52 Ben Reiter He has to go to Japan for a couple years,
Marko Papic – Geopolitical Alpha at Clocktower Group (Capital Allocators, EP.161)
- ▶ 30:06 Marko Papic You had Japan, which had two nuclear weapons dropped on it. 2 times in the scene
- ▶ 34:52 Marko Papic I mean, with China, Europe, Japan, everyone's on this.
Carrie Thome – Nothing Ventured, Nothing Gained at WARF and beyond (Capital Allocators, EP.160)
- ▶ 40:10 Carrie Thome I mean, there's zero in Germany right now, and they've been there in Japan, so I don't know that they're going up.
Mathieu Chabran – Good Deals Have No Wheels at Tikehau Capital (First Meeting, EP.23)
- ▶ 22:34 Mathieu Chabran Singapore, then Korea, Japan.
Scott Wilson – Concentrated Investing at Washington University-St. Louis (Capital Allocators, EP. 159)
- ▶ 13:01 Scott Wilson And then after the merger with B of A and Merrill, ultimately went back to Barclays in Japan before I got a call from Grinnell College to talk about
Morgan Housel – The Psychology of Money (Capital Allocators, EP.155)
- ▶ 50:42 Morgan Housel Investors in Japan own Japanese stocks.
Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
- ▶ 20:08 Adam Fisher The next theme was Hawaii had had this very unusual real estate cycle because Japan had pumped so much money into it in the late nineties.
Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148)
- ▶ 3:43 Ted Seides My guest on the 10th and final episode of Sustainable Investing The Next Frontier is Hiro Mizuno, the recently departed Executive Managing Director and Chief Investment Officer of GPIF, Japan's 1.5 trillion dollar government pension…