Alexander Kinmont of Milestone Asset Management discussed the macro backdrop for value investing in Japan at Asian Investing Summit 2018.
Alex argues that Japan’s economy is slowly pulling out of a two-decade slump. Growth appears likely because Japan is (at last) a competitive locus for capital investment: The Yen is fairly valued for the first time in a generation, and Japanese labor is cheap in an international context.
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About the instructor:
Alexander Kinmont is the CEO of Milestone Asset Management, a Tokyo-based independent asset manager. Milestone offers both long-only and long-short value strategies to institutional investors. It does not employ leverage. Milestone is focused on valuation discrepancies, not just statistically inexpensive stocks. It is guided by a value philosophy which emphasizes minimising the risk of permanent loss of capital. Prior to starting Milestone, Alex headed Japan equity strategy at Morgan Stanley MUFG in Tokyo. He began his career at Daiichi Securities in 1985. Alex graduated from the University of Oxford with a Masters Degree in Literae Humaniores (Latin and Greek Literature and Ancient History) and is fluent in Japanese.