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I am a former oil stock analyst now living in Tokyo. I do not just look at net net Japanese stocks, but rather find companies that have recurring revenues and some kind of competitive advantage, as well as being extremely cheap.
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Smart Japanese stocks
  • How Much Value Has The Japanese Electronics Industry Destroyed? 0 comments
    Jun 11, 2012 2:36 AM

    If small is beautiful, then is big ugly? Big conservative Japanese companies in fast-changing competitive industries are pig-ugly.

    Many people think of Japanese stocks and they think of Sony, which has been a consistent value-destroyer for some time now.

    But how much value has the Japanese electronics destroyed as a whole?

    Net income: $40 B in the hole

    Net assets: -8% per year

    (click to enlarge)

    Interestingly, removing Hitachi (slightly more diversified model) from the list makes the net asset growth rate -14% per year. To be fair, they are all restructuring now, but that is an impressive rate of loss for so many massive companies.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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