‘They also serve who only stand and wait’ is the last line of a sonnet by John Milton but it aptly describes my approach to Japanese stocks.
I have a small technical exposure (those of you who have followed my letters will know that I believe taking a systematic as well as a fundamental approach to investment).
From a fundamental perspective there are so many concerns about government and central bank policies, that I have remained side-lined for more than twenty years, I tried to catch the rebound in the early 1990’s, hung on too long and capitulated during the LTCM debacle of ’98.
I’m still waiting - and given the demographic forces at work in Japan, I may yet miss the departure of the ship of happiness, however, some aspects of the Japanese economy, in particular wages are improving,
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