Shinoken: this is what value looks like

You have to be prepared to look in some strange places to find cheap stocks these days, and one of them is small-cap Japan. This can be a pain for a number of reasons (language, filings/disclosures, liquidity, etc) but what's a guy to do? The S&P chart looks like this: Meanwhile the Topix 1000 (broad-based … Continue reading Shinoken: this is what value looks like

Is the market even semi-form efficient? The Aercap conundrum

Imagine I told you nothing about two different companies except their historical long-term earnings power (net income through the cycle; return on assets/equity %, etc) and capital structure (equity/total assets, debt/total capital, etc). I then told you they were both financial companies dependent upon access to capital markets for funding - making them somewhat comparable … Continue reading Is the market even semi-form efficient? The Aercap conundrum