RV#2546

A solo investor and tech enthusiast

[RV#2546 @RuangwithV]

What I have learned from reading #NOISE by Daniel Kahneman.

A thread 🧵

1) Noise can be measured without knowing the result whereas bias needs to know the outcome to measure
2) Wherever there is judgment there will be noise and often larger than expected.

[RV#2546 @RuangwithV]

@SowingAlphaSeed Reading A Man for All Markets was a mix between a dose of depression and an "oh wow" moments. The depression stemmed from Thorp being so brilliant (far above me), yet he only saw himself living modestly early on, and his humility to walk away was highly admirable.

[RV#2546 @RuangwithV]

@EquityBrian Story sound compelling but didn’t show up in return just like when the story was BABA as a proxy of Chinese economy growth pre-Covid or consumer rebound post COVID.

[RV#2546 @RuangwithV]

@SowingAlphaSeed It more like have a hint about what they are emitting from the story.

[RV#2546 @RuangwithV]

@StaniKulechov I start to think that by the time ETH become a complete product perhaps the unbanned could be banked by those neobanks already.

[RV#2546 @RuangwithV]

@ariamonroe_1 Stupid idea probably increase the chance of accident due to redesigning than the benefit offered.

[RV#2546 @RuangwithV]

@q8024663751820 @DesmondShum So it echoes what you said in a way, if the woman can already support her family alone then her standard for a partner would be extremely high. While if the girl can not she must find a man that can support his as well as part of hers. It’s an addition to woman upward mobility.

[RV#2546 @RuangwithV]

@q8024663751820 @DesmondShum I suspect that the standard is high because man traditional role is to provide for the family and the requirement from women family make it almost impossible for most men because he had to take care of his parents as well as the wife parents.

[RV#2546 @RuangwithV]

@q8024663751820 @DesmondShum You mean for parents to have greater say on who you should marry? I was not aware of that narrative only the fact about low fertility rate as the country developed.

[RV#2546 @RuangwithV]

@angrycryptoshow lol the people have disappeared.

[RV#2546 @RuangwithV]

@JonahLupton @TheBigBerbowski As long as all those earning won't be use to build more capacity and return them to shareholders then it is definitely cheap

[RV#2546 @RuangwithV]

@InvestInJapan That make them contrarian no?

[RV#2546 @RuangwithV]

@pandawatch88 Local commerce

[RV#2546 @RuangwithV]

@GeniusGTX The especially good at talking

[RV#2546 @RuangwithV]

@Naoka_Qazaqliq @thomasdggeddes Just like how Japan doubling down on their core techs from Semiconductor, robotic, high speed train, Automotive and consumer electronic which at one point Japanese companies are leaders. The number of people employed just not large enough nor they are spending R&D without profit.

[Made in Japan 🇯🇵 @InvestInJapan]

“Then you're just wasting everyone's time. Not just wasting shareholder capital but you're also wasting that employee's time and opportunity to actually grow and learn and do better things”

This is what our guest had to say on declining companies with poor corporate governance – and why his push to improve corporate governance in Japan means so much more than just as an investor.

Our guest today is also our first-ever Japanese guest, @masuminishida from Dalton Investments. This is one of the rare few interviews that he’s done in English. (We thought it was the first but then remembered his excellent interview on @ColossusMag/@bizbreakdowns with @reustlematt – a must listen)

Masumi-san is a Partner at Dalton Investments, a global investment firm that manages close to $6 billion dollars in assets across the firm's strategies. He is also managing director at Dalton Advisory KK and is part of the team that runs Nippon Active Value Fund (NAVF) a UK listed investment trust, and their dedicated fund for their activist strategy in Japan.

This is an honest conversation on both the opportunities and the underappreciated difficulties of being an activist investor in Japan and it’s a rare occasion where you’ll get to learn through his firsthand experience.

In this episode, we discuss things like:

• Why the activist opportunity in Japan is so compelling today and how he looks for ideas
•The practical realities and difficulties of being an activist in Japan that may go overlooked
•Understanding the minds of Japanese boards and executives
•How social media is changing the landscape for activism globally
•A run-through of one of their previous major activist campaigns, Fuji Media
•Dalton’s ambitions with Helios Techno
•What he recommends foreign investors do when investing in Japan

He also shares his unique recommendation for when visiting Japan, so make sure to listen to the end!

Needless to say, we had a blast learning from him. It was as insightful as much as it was humorous. Having grown up in Australia, he’s got such an interesting background himself. He’s so Aussie that the recording platform struggled to transcribe some of what he said.

Thankfully, he did refrain from using slang that everyone else outside of Australia don’t understand.

We hope you enjoy this conversation.

[RV#2546 @RuangwithV]

@InvestInJapan definitEly the case for Kyoto.

[RV#2546 @RuangwithV]

@HAOHONG_CFA This is a strange narrative to take just cherry picking a bright spot despite how little those change will affect a bigger picture.