tag:blogger.com,1999:blog-5389144729834496735.post3604330810962868743..comments2024-03-17T05:15:55.634-04:00Comments on The Brooklyn Investor: Tokio Marine Holdings: Japan Fund with Negative Management Fee?Unknownnoreply@blogger.comBlogger11125tag:blogger.com,1999:blog-5389144729834496735.post-2445861622309885162012-06-15T16:53:03.920-04:002012-06-15T16:53:03.920-04:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-41054083666167301562012-06-13T20:51:59.770-04:002012-06-13T20:51:59.770-04:00I don't have one posted but I can email you if...I don't have one posted but I can email you if you give me an email address (I will delete the post once I get it).kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-81191738945220099602012-06-13T19:41:25.220-04:002012-06-13T19:41:25.220-04:00kk - Great post, and great blog. Do you have an e-...kk - Great post, and great blog. Do you have an e-mail address where you can be reached?Jimnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-52165817207487402082012-06-11T14:26:13.900-04:002012-06-11T14:26:13.900-04:00Hi, thanks for the comment. Yes, I think Brookfie...Hi, thanks for the comment. Yes, I think Brookfield is a great company too and thought about posting something here. But they really present their assets well including what they think the intrinsic value of the assets are. <br /><br />I try to post stuff here if I have something to say or have something to add to what's out there and in Brookfield's case, at this point, I love reading their reports and whatnot, but I haven't thought of any aspect of it that I can dig into to add insight at this point...kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-9235731825189089942012-06-11T12:58:35.245-04:002012-06-11T12:58:35.245-04:00This is not relating to the article. You have writ...This is not relating to the article. You have written a lot of interesting and high quality companies such as LUK, MKL, L... erc. I am just wondering if you do look at Brookfield and what do you think about it. BTW, I love your blog! Very interesting.tonysfnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-65229360613095856282012-06-08T18:59:24.923-04:002012-06-08T18:59:24.923-04:00Thanks for the tip. I know there's a lot of n...Thanks for the tip. I know there's a lot of net-nets in Japan, stocks trading below cash etc... But it's sort of always been like that and there isn't a mechanism to get that cash out (check out Jim Grant's attempt over the years; he shut down his Japan net-net fund after years of waiting for value realization). <br /><br />People are talking about it a lot again so maybe I'll take a look at this one and some others. If I find anything interesting to say, maybe I'll make a post about it. Most of the time, though, there just isn't a whole lot of information available on the smaller names (and I'm not going to go visit them, which is the only way sometimes to figure out what the plan is going to be for the cash)... <br /><br />It probably is a decent 'basket' trade, though. At worst, nothing happens...kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-69425452041845030462012-06-08T15:53:53.553-04:002012-06-08T15:53:53.553-04:00If you like Japanese stocks, check out SK Kaken (I...If you like Japanese stocks, check out SK Kaken (I own it.) It is a growing paint company. Cash per share = 2800 JPY, EPS = 460 JPY, and stock price = 3035 JPY.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-75061397951836187542012-06-08T11:50:19.677-04:002012-06-08T11:50:19.677-04:00Hi, thank you for the answer! "If yields rise...Hi, thank you for the answer! "If yields rise on a stronger economy, though, it's not hard to imagine equity gains outpacing losses on bonds." Very good point.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-13660297274452994362012-06-08T10:09:18.373-04:002012-06-08T10:09:18.373-04:00Hi, yes you would be exposed to JGBs; all insuranc...Hi, yes you would be exposed to JGBs; all insurance companies own a lot of local government debt, so if you believe in the Einhorn Japan blowup scenario, TMH is obviously not a good idea. If yields rise on a stronger economy, though, it's not hard to imagine equity gains outpacing losses on bonds. If yields rise Greece-style, well then, that's a different story!kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-48246225814422626372012-06-08T09:21:03.190-04:002012-06-08T09:21:03.190-04:00Thank you for sharing your very interesting analys...Thank you for sharing your very interesting analysis!<br />Buying TMH would also imply to get a very large exposure to Japanese Government Bonds. Concerning the low yields and Japanese debt levels could the discount from Book value to equity securities not be offset through higher yields on government bonds or even distress? <br />bestAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-11135501202516435382012-06-08T03:55:48.117-04:002012-06-08T03:55:48.117-04:00Excellent and straightforward analysis, according ...Excellent and straightforward analysis, according to the facts presented I do not think that the margin of safety is high enough to take a position, especially given the macro risks...<br />however it might be worthwile to look up the causes for the difference in NAV between Japanese and US Gaap. In case the US Gaap figure is more realistic, you might be up to something, I guess..<br />Best regardsAnonymousnoreply@blogger.com