Friendly, constructive shareholder activism creates strong alpha in Japan
Andrew Tsai · Andrew Tsai – Catching a Theme on the Chalkstream (EP.73) · Oct 22, 2018 · at 44:15
Andrew Tsai, CIO of Chalkstream Capital Group, discusses why Chalkstream invested in friendly Japanese activist managers after 2008.
0:00 / 0:10exact quote · 10.3s
720p mp4 · rendered on demand · StarZero watermark
“And this is one where we really saw the value of activism in Japan done in a very particular way, which was friendly, constructive. And we saw that that created really good alpha.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Andrew Tsai
VC investors blocked a multi-hundred-million-dollar buyout offer for Urban Fetch
“We actually had prior to that, another competitor try to buy us out, and this was, you know, halfway through that journey, so one year later after starting it, And this is another lesson in, in terms of lack of alignment and you kind of, all these things come …”
Relying heavily on historical correlations for asset allocation is dangerous
“Historical correlations would be useful, but dangerous to rely on too much. And if you think about asset allocation, right, you're relying on your forecast of volatility, expected returns and correlations.”
Falling 10-year Treasury yields drove manager performance more than individual skill
“A graph of tenure yields going back 40 years. And the reason I keep it there is that it looks like a ski slope, right? It goes from 14% down to where it is today. And there's been some gyrations, but it's basically, I say this to all my contemporaries, like no…”
Market crises can wipe out investors before mean reversion occurs
“When things go bad, they can go much worse than you expected. And things can really happen that, that don't make sense. And it doesn't matter if it makes sense or not, because you're not around to take advantage of the other side.”
One-hour consumer delivery is unprofitable without third-party logistics infrastructure
“Deliver ice cream within an hour and all that kind of stuff. And of course that's not a profitable business, but what could have been a very profitable business and what a lot of people What people today have seen is that if you can nail the third party last m…”