Cash is king When a financial crisis hits, real estate companies suffer slower sales, and their cash flow quickly deteriorates due to the difficulty of raising fun… 2021-01-12 Noriyuki Morimoto Cows over pigs One maxim that expresses the basics of investment is “cows over pigs.” Cows here are not cattle for meat, but dairy cows for milking. Pigs, on the oth… 2020-11-24 Noriyuki Morimoto Theoretical price of dairy cows and the essence of investment The theoretical price of a dairy cow is the present value of net cash flow it generates. This can be calculated by estimating the total sales price of… 2020-11-09 Noriyuki Morimoto The S-curve is the key of investment In Otemachi, a prime location in the center of Tokyo, the land price is extremely high, and so is the rent. Meanwhile in Jimbocho, a neighboring town … 2020-06-08 Noriyuki Morimoto The adventurer does not take risks Adventurers do not take risks. The reason to say so is that in the adventurer's mind, danger is recognized as completely controllable, and their attit… 2019-09-24 Noriyuki Morimoto The Ideal Global Civil Society The history of humanity is the history of dominance by violence. The formation of modern society is defined by the formation of the nation state. The … 2019-07-01 Noriyuki Morimoto What’s missing in Japanese entrepreneurship Starting a business is like an adventure. Addressing danger is possible only under the belief that dangers are under control as risks, and therefore t… 2019-01-28 Noriyuki Morimoto The Ideal Global Civil Society Beyond Japan The history of mankind is the history of dominance by violence. The formation of modern society is defined by the formation of the nation state. While… 2018-08-27 Noriyuki Morimoto International Equity Returns Distorted by Japan’s Bubble Economy The global economy has integrated into one, as companies increasingly became multinational or lost national identities. It is the time of global equit… 2018-07-02 Noriyuki Morimoto Philosophers of Investment Should Reside in This Area in Tokyo Jimbocho is a district in central Tokyo. It is just north of Otemachi, a beautiful area with many high-rise office buildings facing the imperial palac… 2018-02-13 Noriyuki Morimoto 12»