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baufinanciaphaster
@bauhiniacapital
, 3 tweets, 1 min read Read on Twitter
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…
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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
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.
Read 4 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.
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