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Jul 07 2023

Research Preview: What’s Up? Japan!

  • Jul 7, 2023

After being ignored for a generation, Japanese stocks are roaring in 2023. The Nikkei puts the S&P 500’s 16.9% YTD gain to shame with its +28.7% return. With developed international equities (ex-Japan) up a paltry 9.5%, diversification from expensive U.S. stocks cannot fully explain Japan’s surge.

Feb 06 2020

A Storied Bubble’s Pearl Anniversary

  • Feb 6, 2020

The decade of the teens has given way to the decade of the twenties and “year in review” retrospectives are in the books, but as the calendar’s last digit rolls from 9 to 0 we consider one more anniversary worth remembering.

Jan 08 2014

2014 Time Cycle—Lower Your Expectations & Be Patient

  • Jan 8, 2014

It’s time to update our time cycle composites, and what they say for equities in the U.S., U.K., Germany and Japan and long-term interest rates and credit spreads in the U.S.

Jan 04 2009

Deflation… What If? (Part II)

  • Jan 4, 2009

Once again, this month’s “Of Special Interest” examines deflation but employs a longer time horizon. We also contrast the deflationary environment in Japan versus current U.S. conditions.

Dec 05 2006

Update On Japan...Holding Our Positions, But Watching Closely

  • Dec 5, 2006

Recent market action appears to be indicating that cyclical forces have, for the time being, put Japan’s stock market recovery on hold.


Jul 04 2003

Saving Face...Is Japan Finally A Turnaround Play?

  • Jul 4, 2003

Japan appears to be getting its fiscal house in order. Opportunity may be developing here. We constructed a list of potential Japanese ADRs, and built an index to monitor the situation.

Aug 04 2001

View From The North Country

  • Aug 4, 2001

Full Disclosure (Reg FD), Investment Banking conflicts (hardly a recent development) and the Nikkei and DJIA: Will they cross this year?

Aug 01 1990

Unconventional Asset Allocation Model Buys Nikkei Put Warrants

  • Aug 1, 1990

As readers know, we have been bears on Tokyo stocks for several years. But we were early in the past. Recent action leads us to believe the bubble may finally have burst, with the remarkable levitation act about over.