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How Much Value Has The Japanese Electronics Industry Destroyed?
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.