HeyJaredTokyo Deep Value
Japanese stocks are the last great deep value trade on earth. Rock solid balance sheets. Monster cash flows. Dirt cheap prices. I find them and buy them
- Indexed issues, last 90 days
- 6
- Latest publication
- Sep 16, 2026
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- Jul 6, 2026
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Ninety Cents for a Dollar Bill, and the Building Comes Free (opens the original)
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There is a building at 1-16-12 Nihonbashi-Kakigaracho, a ten-minute walk from the Tokyo Stock Exchange, that was put up in 1987 by a commodity broker from Fukuoka named Tatara. The land under it, 352 square meters of central Tokyo, sits on the company’s books at what it cost thirty-nine years ago. Nobody has bothered to revalue it, because nobody has bothered to look at the company at all. Which is how, in September 2026, you can buy the whole enterprise for less than the cash in its bank accoun
Forty Cents on the Dollar, and the Dollar Is Growing (opens the original)
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There is a company I have been watching for a while now that does something very unfashionable. It buys unglamorous buildings in unglamorous places, fixes them, rents them out, and waits. Sometimes it waits for years. Then, when a buyer shows up willing to pay what the asset is actually worth, it sells, banks the gain, and does it again.That is the whole business. No platform, no ecosystem, no AI angle. Just a small team of people who are good at buying real estate cheaply and patient enough to
The Smallest Company in Japan (opens the original)
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I have a habit that I suspect anyone who looks at small companies shares. Every so often I run a screen, sort by market capitalization ascending, and scroll to the very bottom to see what falls out. It is not really a research process. It is closer to turning over a rock to see what is underneath.The rock this time was Japan. At the bottom of the list, below several hundred names I had never heard of, sat a company with a market capitalization of about 165 million yen. Roughly 1.1 million dollar
The Eighty-Five Percent Solution (opens the original)
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There is a company in Kobe that writes the software inside the dashboard of cars you have driven. It has done this for more than twenty years. It earned ten million dollars of real, audited net income last year on a hundred and forty million dollars of revenue. Its cash now exceeds its entire market capitalization, and even after paying off every yen of debt it would still have more than half its market value sitting in the bank. Toyota owns eleven and a half percent of it and filed the paperwor
The Trillion-Yen Company Priced Like a Rounding Error (opens the original)
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There is a company in Tokyo that sold one trillion one hundred ninety two billion yen of product last year. That is about eight billion dollars American. It employs tens of thousands of people across four continents. It owns roughly ninety thousand hectares of forest in Japan, four hundred separate forests, which makes it the second largest private forest owner in the entire country, and those forests sit on its balance sheet at about thirty billion yen, a number written down by accountants who
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