Made in Japan 🇯🇵

Everything on Japanese Culture & Investing 🌱 Local market insights 🗺️ Quality 📈 Hidden Gems 🔍 Unique mental models 🧠 Views my own. Not investment advice.

[Made in Japan 🇯🇵 @InvestInJapan]

The First episode of the Made in Japan podcast is finally out. (Link in reply)

We felt our interview with Philip was going to be the perfect first episode as an introduction to Japanese markets.

Over the last 2 decades, he’s seen the country as a lawyer, investment banker and now an investor. He’s worked with truly the pioneers of Japanese activist investing like Yoshiaki Murakami of M&A Consulting and Seth Fischer of Oasis.
Through his adventures not just in Japan but in East Asia, he has so many interesting stories to tell!

We learnt
⚪︎Why Activism Struggled in the past and why that’s changing
⚪︎Why Activism, and Japan, is still a huge opportunity today
⚪︎Some of the misconceptions of Activism
⚪︎Japan’s unique business culture and how Japanese companies think about M&A
⚪︎And some of his favourite things to do in Japan!

We still have alot to improve on so we’d love to hear your feedback, thoughts or suggestions if you have any!! Or even any guests that you’d want us to interview!

We hope you enjoy this conversation. If you liked it and want to hear more, we would really appreciate it if you like this post, retweet, and subscribe!

Thank you for your interest and support ♥️🎌

Finally a special thank you to the people around us who’s been so encouraging and supportive for this project. Ben and I still have no idea where this’ll go but we hope to bring some unique perspectives!

[Made in Japan 🇯🇵 @InvestInJapan]

@MightyMogomra It was excellent, lovely people too. Make sure to book 1-2 weeks in advance!

[Made in Japan 🇯🇵 @InvestInJapan]

A chat with the owner of a restaurant surprised me tonight. He was telling us how restaurants like his are seeing weakening demand and last month was the worst month only next to covid! Ppl are tightening their wallets: Less people during lunch time, and less people spending during dinner.

Anyways this is Don Gaucho an Argentinian grill spot in Tokyo you’re lucky to have come across on your timeline. Its hosted so many world boxing champions its kinda insane! And I now know why!

[Made in Japan 🇯🇵 @InvestInJapan]

@YoyogiCapital YUP i even mentioned Saizeriya to the owner 😂🤣

[David Orr @orrdavid]

Looks like a banger quarter for Hikari Tsushin $9435

[Made in Japan 🇯🇵 @InvestInJapan]

@MikeFritzell Block them all, everyone needs to start blocking them

[Made in Japan 🇯🇵 @InvestInJapan]

Gotta love it, a Korean deep value play with a Japanese twist 🫰

[Terton Capital @terton_capital]

Dong-A Pharmaceutical ($000640) has excellent consumer health and pharma assets. We estimate fair value at ~3x current share price. We call on the Company to adopt five governance and capital allocation reforms. Presentation below:

https://t.co/f50aiOdsIj

[Made in Japan 🇯🇵 @InvestInJapan]

@MikeFritzell Inflation

[Made in Japan 🇯🇵 @InvestInJapan]

@CompoundingUp You just need to walk around shimokita!

[Made in Japan 🇯🇵 @InvestInJapan]

Been cooking up a new write-up, and I'm excited to share this one soon! 🇯🇵

[Made in Japan 🇯🇵 @InvestInJapan]

There is really no need to go after a complicated investment thesis in Japan. There are about 3800 other options to go after that's probably less complicated.

[Made in Japan 🇯🇵 @InvestInJapan]

Gotta love Japan for protecting you from crazy exes, this one got sent to jail for liking 14 of her ex-Boyfriend’s tweets 😂🇯🇵

Imagine this was in the US, half the country will be in Jail rn 😭😂

[ありゃりゃ @aryarya]

Xに「いいね」繰り返し有罪　ストーカー規制法、元交際相手に
https://t.co/BtZxOw6daY

[Made in Japan 🇯🇵 @InvestInJapan]

@saizeriYapolice

[Made in Japan 🇯🇵 @InvestInJapan]

This is how nascent the VC ecosystem still is in Japan - the idea of a private secondary market for pre-IPO stock/options is almost non-existent!

[Shoji Miyata @miyata_shoji]

構想から約3年。ついに、Nstock セカンダリーが開業しました🔥

IPOまでの期間が長期化する���代です。SpaceXも創業から上場まで約24年。創業時25歳だった人はまもなく50歳です。

創業者やVCには、保有株式を売却する機会があります。人生で一番お金が必要なタイミングや、ファンドの満期が未上場時点で来ても、（会社が一定水準以上で成長している限りは）なんとかする手段があります。

従業員はどうでしょうか？ 米国にはセカンダリーマーケットがあり、有名スタートアップの従業員には未上場でもストックオプション（SO）を売却する機会があります。

しかし、日本のスタートアップの従業員SOは、実質IPO後にしか売却機会がありません。人生で一番お金が必要なタイミングで来ても、IPOが間に合わないかもしれない……。どれだけ会社が成長していても、です。

しかし、税制改正、規制緩和、慣習の変化など、色んな人の���力のおかげで、上場を待たずに株式を現金化できる環境が、日本でも整い始めました。

その担い手として、Nstockがセカンダリー事業を開始します。

これは従業員だけではなく、発行体であるスタートアップにもメリットがある仕組みです。SOの失効期限に縛られることなく、自社にとってベストなタイミングでIPOを選べるようになります。

Nstock セカンダリーにご期待ください。
https://t.co/UxnpvXqFnP

[Made in Japan 🇯🇵 @InvestInJapan]

@millergolfer23 I dont think its even 4x 😂😅

[Made in Japan 🇯🇵 @InvestInJapan]

Japanese listed SaaS multiples from JIC

[Made in Japan 🇯🇵 @InvestInJapan]

@saizeriYapolice いやいやいやいやいやいや味ぽんという天才を辛味チキンという天才にかけるという発想を持っていらっしゃる天才中の天才

[Made in Japan 🇯🇵 @InvestInJapan]

Yeah you know this but a theme can go severely out of favor, and when its only retail that can invest i.e. determines flows this can go on for a while. My underlying bet is that SaaS will be AI beneficiaries in Japan and this in tirn may make it an interesting ‘theme’ for Japan again.

[Made in Japan 🇯🇵 @InvestInJapan]

@Struan_Tokyo Incredible story, checks out! Haha btw is your SO able help source potential M&A of SMEs? Serious question 😂

[Made in Japan 🇯🇵 @InvestInJapan]

I don’t think many realise just how much savings by JP households is in cash and just how impactful the bull market + new NISA has been for behaviour change.

Anecdotally I get asked more than ever by friends about investing and it’s become way more common to overhear conversations about stocks. Even just 5 years ago this was unthinkable!

[Lyn Alden @LynAldenContact]

@MikeFritzell @InvestInJapan @CacheThatCheque is that true?

If so, where were they bullish on, the U.S.?

I’ve been bullish on Japan for six or seven years now, to great results.

[Made in Japan 🇯🇵 @InvestInJapan]

🇯🇵

[Gearoid Reidy リーディー・ガロウド @GearoidReidy]

Japanese Prime Minister Sanae Takaichi’s remarks on Taiwan turned one at the weekend. Unlike French footballer Kylian Mbappe and his quick backtrack, she's stuck to her guns. Good: The truth can be hurtful, but it can’t be recanted. My latest, free:
https://t.co/nMo0FlEnUw