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baufinanciaphaster
@bauhiniacapital
, 4 tweets, 2 min read Read on Twitter
Descente ($8114.JP デサント) is going limit up again today. Given the short pos/ADV, I expect it might go all the way to Itochu's bid price. Leo Lewis (gosh darn he sure does write pretty) in the FT here.

He quotes Michael Causton from JapanConsuming (who has been all over this) (partial paywall)
12Sep: smartkarma.com/insights/wacoa…
16Oct: smartkarma.com/insights/itoch…
19Jan: smartkarma.com/insights/itoch…
with another piece here with more in front of the paywall.
Itochu chose its document wording, price, and target stake (40%) very carefully. This is excellent gamesmanship by CEO Okafuji and Itochu Textiles president Koseki-san.

But there are precedents where the rare hostile action target fights back dirty and wins, hurting minorities.
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baufinanciaphaster
@bauhiniacapital
The world of folk art (and craft art) is great. I have diverse passions in the space, including bamboo/woodwork from Japan in particular, textiles from Japan to central Asia, but little in 2D space.

The one exception is Korean Tiger & Magpie folk paintings.
Since I discovered them years ago, I love to find them in books, museums, elsewhere (I own none).

I have ALWAYS been struck by the facial expressions, thinking them wildly exaggerated.
There are a few pose variations, and differences in colors and many of them are copies of copies of copies over the generations, but the one constant is big wide-eyed, brows-raised open-mouthed expressions of... something...

And I love that.
Read 7 tweets
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baufinanciaphaster
@bauhiniacapital
BREAKING: World's largest portfolio at world record AUM has large drawdown in quarter when markets go down a lot in the quarter.

bloomberg.com/news/articles/…
Foreign Stocks: MSCI ACWI ex-Jpn -12.0%, -15.5% in yen
Foreign Bonds: FTSE GBI ex-Jpn -2.0%, -2.5% in yen
Dom Stocks: TOPIX -17.6%

Combined that will hurt a little.
Q3 report in Japanese is here.
gpif.go.jp/operation/stat…
Read 3 tweets
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baufinanciaphaster
@bauhiniacapital
For event traders, a rare corporate-to-corporate hostile tender offer by Itochu on Descente. LOTS of moving parts.
Questions in DMs about ‘rare’. Last Japan one I remember offhand is Oji Paper launching against Hokuetsu Paper at ¥800/shr in August 06 after months of haggling and Hokuetsu diluting everyone with a placement to Mitsubishi Paper at ¥607. Nippon Paper got upset at Oji. Bot 9%.
Oji’s tender failed. There was another tiny one before that.

There have been funds which have gone hostile but corps is very unusual.

at least in recent memory....

Japan in the 1920s and 30s was a bit like the Wild West in terms of hostile activity.
Read 3 tweets

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Samantha Field
@samanthapfield
So the governor of South Dakota, apparently without prompting and with no explanation, asked the State Affairs office to write a bill getting rid of the assessment provision in the SD's homeschool statute.

This is bad.
South Dakota is one of precious few states (it's 1 of 10) that has any kind of assessment provision that can actually be enforced, and it's minimal. Currently, homeschool students in SD take a test in grades 4, 8, and 11. Here's the part that makes SD one of the better states:
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Fred Guttenberg
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Here is my follow up to everything that happened with Publix. I am extremely annoyed at @Publix now and the CEO Todd Jones. On Wednesday May 16th I called his office and left a message wanting to talk to him about the donation to Adam Putnam. At that time, news of the donation
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Cleolinda Jones
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So yesterday I watched the two Star Wars prequels I had on hand (little bit vexed about the first one)
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Arsen Ostrovsky
@Ostrov_A
1. #THREAD coming up:

Earlier today, the Ministry of Strategic Affairs released list of 20 orgs recommended to be denied entry into Israel based on their #BDS activities.

Lot of misinformation, so will endeavour to clarify here ⬇⬇⬇
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Armine Yalnizyan
@ArmineYalnizyan
LOL
Businesses raise their prices *without* the minimum wage going up allathetime! #cdnecon
Exhibit A: Tim Horton's raised the price of a cup of coffee in
2011 by 7¢ ("rising prices of coffee beans")
2014 by 10¢ ("rising operations costs", with coffee bean prices and, oh yah, costs of [$11B] Burger King deal identified)
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NONE.
Put price rises in context. Any rising input cost is a rising cost. Period.
Including executive pay and mergers and acquisitions.
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Ugo Obi-Chukwu
@ugodre
Hello All,

Welcome to Corporate Stories with @Nairametrics

This is part 3 of our Oando Story
If you are just joining this thread, we suggest that you start from Part 1 and 2

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