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 How the Japanese corporate compensation system made some sense The corporate compensation system is not piecework payment based on already delivered performance. That the compensation is decided in advance means t… 2020-10-26 Noriyuki Morimoto Future of the Japanese insurance industry What is fundamental risk-taking in insurance? One approach is to regard the risks unique to insurance as the subject of fundamental risk-taking, while… 2020-10-12 Noriyuki Morimoto What makes a stock worth investing in A stock is the first thing that absorbs the uncertainties of a business, so a reasonable measurement of such uncertainties has to be possible for a st… 2020-09-28 Noriyuki Morimoto Should Japanese lawyers rest in peace? There is a notorious concept in the Japanese legal field called the jobutsu theory. It originated from a short reflective article with the weird title… 2020-09-14 Noriyuki Morimoto Real and fake hedge funds For a hedge fund to be a real hedge fund, it is essential to meet the criteria of hedging. Here, hedging must mean to hedge risk. Whatever the inve… 2020-08-31 Noriyuki Morimoto The essence of the Japanese trust At the time of its construction of a modern nation, Japan referred to German and French law to design its legal system, while the only exception was t… 2020-08-17 Noriyuki Morimoto The paradox of index investment The market index is the average price of securities traded on the market. The average price is the aggregate of the results of price fluctuations of i… 2020-08-03 Noriyuki Morimoto The appeal of buying a bad company with a good business in Japan Companies are acquired because they are worth buying. A good company is fully worth buying, so it can only be acquired at a price above its value, or … 2020-07-20 Noriyuki Morimoto «1…910111213…24»
