"Bears $#!+ in woods!" warns TCI chief...
Despite one or two misgivings (see below) I actually rather like John Ho - the increasingly desperate-
sounding Asia director of the Children's Fund and star of one of Japan's most entertaining market farces in years.
Mr Ho is exceptionally bright, unerringly passionate and angry about all the right things. He is also, to his undoubted stress and misery, a man who has ended-up shouldering all the dirty-work that hundreds of other foreign funds should have done themselves. In one very compelling sense, Mr Ho is a reedy voice of sanity in a market which far too many have allowed to be far too eccentric for far, far too long.
And I mean that. There are clear flaws in Mr Ho's spiralling pleas for better governance and fatter dividends, but (numbers aside) the basic thesis is spot-on: Japanese listed companies look like listed companies, smell like listed companies, and are nominally set up to behave like listed companies - it's just that none of them think of themselves as listed companies.
Mr Ho, bless him, has probably lost a great deal of money making this discovery. His anger is righteous. His excuses for not realising all this sooner, however, are embarrassingly slim.
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