Kaname Capital

“I would suggest that where we're operating though still offers another path and that the average size of our companies are distinctly middle market and nothing that we're bidding on or areas we're operating on is quote unquote essential and would fall under th…”

“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 and governance.”

“And what we find is that these two strands of our strategy are complementary, that in both instances were principle-based, that we're looking for properly functioning boards to deliver companies composed of the highest return assets with the lowest cost of cap…”

“We don't think that Japan is going to run and hide, but watch this. This is where the thesis is playing out and where the friction point is.”

“People accuse Japanese companies of having awful disclosure, and it's true. It's awful disclosure in English. It's great disclosure if you read Japanese.”

“One of our main really headlines for why this time is different in Japan is there is a market for control.”

“Konami Capital today can make a bid for a company and expect every part of the unsolicited bid chain from investment bank, share transfer agent, Japanese bank and lender to provide financing services to get it done.”

“We exercise all of our rights as shareholders. We bring shareholder proposals. We bring derivative lawsuits against the board in cases of obvious self-dealing.”

“We're still with 50% of our weight, sub four times EBITDA, about three and a half times EBITDA, nine times earnings, three percent dividend yield.”

“Without a market for control, everything is fine words without fine deeds. Until a management team suffers an unsolicited bid from someone who will run the assets better, you won't get the type of change you're looking for.”

“Then we just ask that we're able to get those stocks on less than five and a half times EBITDA, And lo and behold, there are still 300 of these companies in Japan.”