The Truth About U.S. Stock Investments by Shigenobu Kawasaki: "Training U.S. Stock Investing Through Media" [Vol.22] Distributed November 8, 2021
Tell the truth about investing in U.S. stocks
Shigeno Kawada's "Training in U.S. Stocks Through Media"
［Vol.22］ Delivered November 8, 2021
*** Table of Contents ***
Market Recap
This Week's Bold Insight!
This Week's Picked Articles
【Understanding society with family】【What you truly should do for growth】【Mutual fund accumulation, choosing stock indices, concentrated in U.S. stocks carries risk】
Investment Tips
S&P 500 Sector Weighting: Visa, MasterCard, and PayPal shift to the financial sector?
Kawada's Walk
Activity Information
Q&A
November 29 issue will be off the air
A Growth Pace of 20 Million Yen
Source: Financial Services Agency; created by ExeTrust Co., Ltd. based on asset management simulations
Notes: The above figures are simulations and do not guarantee future investment results. Also, fees and taxes are not considered.
How to read: assumed yield and target year
If 3–4%, 30+ years: this is the case for wrap funds or balanced funds
Even 5–7% would take about 25 years: this might apply to stock funds outside the U.S.
If 8–10%, about 20 years: this is a modest projection of S&P 500 growth
S&P 500 Performance History (Dividend Reinvestment 1970-2021)
Aim to reach 20 million yen through proper risk-taking early
Kawada's message is remarkably simple. To achieve 20 million yen, let as much of your surplus funds work efficiently as possible. For that, each participant must correctly understand risk and reward. Before reading the weekly newsletter, take a look at this table and confirm a proper investment posture.
Now, start the countdown to reaching 20 million yen right away!
Online Salon "Asset Formation School Where Dreams Come True"
This is an online salon where we learn together and inspire each other to achieve wealth. It offers seminars for members that convey content not fully captured by the popular newsletter “Training in U.S. Stocks through Media,” and lets you experience the appeal of U.S. stock investment.
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1. Market Recap (November 1–November 5)
＜Major Indices＞
・Dow Jones +1.4%
・S&P 500 +2.0%
・Nasdaq Composite +3.1%
＝ Quick Version ＝
Driven by continued strong earnings reports, falling long-term interest rates due to the FOMC's actions, and positive employment data, the market continued its strong run. By the weekend, all three major indices reached record highs.
＝ A little more detail ＝
Earnings, interest rate trends, and economic indicators are major factors influencing stock prices; last week all of them supported gains. For earnings, many results continued to beat market expectations, boosting investor confidence. For interest rates, the anticipated tapering of asset purchases by the Fed and Chairman Powell's statement that it is not yet time to discuss rate hikes led to lower long-term rates, which supported equities. For economic indicators, October nonfarm payrolls exceeded expectations, reinforcing confidence in the economic recovery. With these favorable factors presenting daily, the S&P 500 and Nasdaq hit record highs on consecutive days, and the Dow Jones also rose by week’s end.
S&P 500 Chart: Last 12 Months
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2. This Week’s Sharp Insight
This is a column delivering information that we want you to know.
As I wrote in the Market Review, last week’s stock market rose powerfully as three drivers—corporate earnings, long-term interest rates, and economic indicators—came together. Growth stocks and small-cap stocks led the advance, with the Russell 2000 small-cap index jumping 6.1%.
With such a rally, many investors might think “overvalued” or “bubble.” Yet this year, during the September pullback, many investors avoided buying due to tapering concerns and inflation fears. A faster adjustment could occur, but the odds of a solid year-end market remain high.
On a related note, this week’s issue of the U.S. investment weekly Barron’s featured alternative assets that have been drawing attention recently, such as crypto assets like Bitcoin, non-fungible tokens (NFTs) such as digital art, and meme stocks (stocks that swing wildly on rumors from online message boards).
While we won’t cover each asset’s specifics here, these alternatives have grown in market capitalization. Investors’ rationales vary, but a common backdrop is the long period of low interest rates, which has created a glut of money and driven up these asset prices.
The article looks back on bubbles and economic conditions that were once called bubbles. It’s often the case that tightening financial conditions precede the bursting of a bubble; the effects usually appear first where the bubble is strongest and most tenuous. So, even if this stock market rise is bubble-like, I expect the first signs to show in these alternative assets
Therefore, Barron’s suggests considering investing surplus funds in these assets as one option. Holding alternatives could be sensible, akin to bringing a canary to a mine—if prices in these assets fall sharply, it could signal a stock market drop. After all, humans tend to pay attention to what they personally hold, not what they don’t.
Moreover, even if the bubble in these assets collapses, the financial system remains distinct, so a systemic crisis like the previous financial crisis is unlikely. Thus, for long-term investing, hold these assets without timing the market (and buy more if you have extra funds).
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3. This Week’s Picked Articles
In this corner, I select and rank information that helps asset formation from what I’ve found, and offer extremely personal commentary.
【1】Nikkei NewspaperSociologist Masahiro Yamada: Reading Society through Family (2)11/2
During his time at the University of Tokyo’s Faculty of Letters, he joined an informal seminar led by sociologist Naoki Komuro, who applied findings from economics and other sciences to sociology. The seminar taught applying adjacent fields’ results, which aided his later family studies.
Komuro Seminar included outstanding scholars such as Taizou Hashizume, Shinji Miyata, Takahiko Soejima, Kazuo Moriyama, and Masahiro Yamada. He felt he couldn’t win on theory alone and decided to win with concrete research.
【Kawata Comment】
Mr. Yamada was part of the ‘Komuro Seminar.’ This is the same seminar organized by Naoki Komuro, which I’ve mentioned in my mornings and newsletters.
■ Komuro Seminar
Since 1967, Komuro has run a volunteer, open seminar (Komuro Seminar) that welcomes all ages and majors, teaching economics and a broad range of topics from law and sociology to comparative religion, linear algebra, statistics, abstract algebra, and analysis at no cost. Notable alumni include Taizo Hashizume, Shinji Miyata, Takahiko Soejima, Kazuo Moriyama, Masahiro Yamada, and Kazuo Osawa. The most significant contributor to this legendary seminar’s operation was Taizou Hashizume, who participated for ten years (for details, see the biographical work Komuro Naoki (Kawata’s note) by Murakami Atsunao).
■ Biography: Komuro Naoki (Part 1): A Revolutionary Genius Who Loved Learning, Alcohol, and Cats — Hardcover, 2018/9/18, Murakami Atsunao (author)
Volumes are around 3,000 yen each, but true fans will buy. I have one on my shelf. It’s incredibly interesting; this genius’ wildness is portrayed with affection and detail.
■ Economics in University Should Be Unintelligible to Japanese Students
This book (and Komuro’s works) explain why modern economics taught at universities is not well understood by Japanese readers, especially the implicit premises in textbooks.
For example, Japanese people unconsciously share a morality that avoids insolvency and unemployment, but current Western economics treats these as inevitable and even necessary for social progress. If one does not share these premises, understanding is stunted. Komuro’s works explain this clearly.
If your children or grandchildren are studying economics, I recommend Komuro’s books before textbooks.
■ Masahiro Yamada’s Neologisms
Yamada has used affection and money to examine family relations with sociological methods, uncovering overlooked phenomena and raising issues in society. Terms like “parasite singles,” “marriage hunting,” and “the gap in hope” emerged from his work.
Most titles are catchy; I haven’t bought any yet, but they deal with pressing problems in many households, including mine. Why not read one? It’s likely to be engaging, though it may not directly resolve our family problems.
【2】Nikkei NewspaperWhat really needs to be done for growth: David Atkinson, President of Konishi Art and Craft11/5
Kishida’s “New Capitalism” highlights growth and distribution, but Japan’s challenges are not so simple. Despite stagnant wages, higher taxes are being enacted due to a shrinking productive-age population supporting the elderly, eroding disposable income.
To fundamentally solve this, either cut social security or boost productivity. In reality, both face strong opposition; especially social security cuts face fierce resistance from the elderly—the largest voting bloc. However, with a shrinking productive-age population and near-capacity labor participation, natural population growth cannot drive substantial broad growth.
One potential solution is to strengthen small- and medium-sized enterprises (SMEs). SMEs account for 99.7% of Japanese firms and employ more than 70% of workers; raising their overall performance is essential.
Tax incentives for wage-increasing firms? That’s idealism. Nearly 70% of corporations do not pay corporate tax, and there are few firms that raise wages just for tax breaks. Some argue for “raise wages after boosting productivity,” but if a firm isn’t considering wage hikes at all, what then? The minimum wage remains crucial.
The essence of Japan’s economic decline is how to handle aging society’s burden. Without a solid plan to sustain “growth” through SMEs, new policies will be impractical.
【Kawata Comment】
Why doesn’t change happen in society as this person suggests? Is it because it’s painful, so vested interests won’t allow it, or because policy mistakes are exposed?
There are many reasons, but most politicians and business leaders find it tiresome to alter established practices. SMEs’ owners tend to be older and wealthier, after all.
The problem lies with workers. The media notes many workers don’t take steps to defend themselves and don’t realize that investing (money) can be more efficient than sweating on the brow.
■ The U.S. stock market has a financial infrastructure in Japan; the rest is up to individuals
This diverges a bit from Atkinson’s original point, but Japan does have a certain financial infrastructure for asset building. It’s not on par with the U.S., but it exists. Using it is up to individuals. Some argue there’s no money to invest; that’s largely a personal choice!
This calls to mind the proverb: “You may lead a horse to water, but you can’t make it drink”—the idea that if a person isn’t willing, others’ pressure won’t help.
■ Not becoming a slave to “labor”
More people are choosing to become slaves to labor. I believe this is true. Yet I also feel I can enjoy work that is elevated from labor itself.
That sense of “being in control” comes from asset backing. With assets, you can control your work by your own volition. But many people choose the opposite—being controlled by their work.
Is that harsh?In a capitalist society, individual independence is a social norm. Japan’s traditional society is less suited to this, which is likely why many are drawn to the appeal of “distribution” in elections. I think that’s how it is.
【3】Nikkei NewspaperInvestment trusts for accumulation: Stock-index focus; risk of US concentration11/6
Following Kawata’s theory, this article may instill risk-averse investing in readers, reducing asset-building efficiency. Does writer Mamoru Tamura favor the S&P 500 index or a global stock ETF?
There are many points to question, but one thing: investing in the S&P 500 is not simply “investing in the U.S.” U.S. companies are global; they operate worldwide, attracting global wealth. Investing in U.S. firms is an investment in the global economy. And investing in MSCI indices that represent various countries could overweight large, blue-chip firms. It may be better to invest through the S&P 500 companies to access global niche markets and reap the benefits.
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4. Investment Tips
This column covers not only “investment methods” and “stock picks” but also “interesting metrics, statements,” and “societal and political developments.”
“Barron’s Digest” October 31, 2021 issueMSCI may change the Global Industry Classification Standard
S&P 500 sector weighting: Will Visa, Mastercard, PayPal move to the Financial sector?
■ MSCI proposes changes to the Global Industry Classification Standard
There may be changes to the GICS framework, which could remove 12 S&P 500 components from Information Technology.
Visa (V), Mastercard (MA), and PayPal Holdings (PYPL), which had been in Information Technology, would be reclassified to the Financial sector, while payroll processing leader Automatic Data Processing (ADP) and payment company Fidelity National Information Services (FIS) would move to the Industrials sector.
■ Information Technology sector: Apple and Microsoft share will grow
After changes, the IT sector’s market cap in the S&P 500 would shrink by nearly 13%, while Apple (AAPL) and Microsoft (MSFT) would further dominate, already accounting for about 43% of the IT sector.
This sector previously excluded Google's parent Alphabet (GOOGL) and Meta (FB) when it moved to the Communications Services sector in 2018, increasing concentration on Apple and Microsoft.
■ In the Financial sector, bank stocks’ share would shrink
Visa, Mastercard, and PayPal would rank among the top six financial stocks, while the relative positions of major banks like Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) would decline.
■ Sector ETFs’ constituents may change
If implemented, ETF portfolios focused on sectors under GICS could shift substantially. Examples include Vanguard Information Technology (VGT), Technology Select Sector SPDR (XLK), and Fidelity MSCI Information Technology Index (FTEC).
■ Dr. Okura Online Talk to Participate
Dr. Okura, who has long invested in Visa (V), seems affected by the sector changes. He is scheduled to explain the changes in an online talk on Wednesday, November 10 at 8 PM.
Before that, from Kawata: these changes are significant. Visa and Mastercard stock prices have already reacted quite a bit.
Possible scenarios include:
1) Lower PER (price-earnings ratio)
I haven’t yet investigated the criteria for sector changes. But for information technology stocks, high growth tends to come with high PER; moving to the financial sector could bring many value stocks into play, potentially reducing PER.
2) Imbalance in supply and demand
IT sector accounts for roughly 28% of the S&P 500; within this, the three stocks hold 2–3% each as weights. The financial sector’s weight in the S&P 500 is about 12%.
Many fund managers benchmark against the S&P 500 or these sector indices. Therefore, they must adjust the weights of these three stocks, which could exert downward pressure on their prices.
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New Series “Everything About Asset Building with U.S. Stocks”
Introduction
Today, we begin a serialized series covering the essential basics of asset building. The overall plan is as follows.
What era are we living in? Part 1
Independent Japanese people and asset formation necessary for independence: Part 2
Is the stock market only in the U.S.?
Differences between Japanese and American stock cultures
Important features of the U.S. market you should know
What is the S&P 500?
Why is the U.S. strong?
Recommended investment strategies – Core and Satellite Investing –
Core portion investment strategy
Satellite portion investment strategy
What should I buy?
Sources of information and investing
Episode 3: Is the stock market only in the U.S.? Part 1
In Episode 3, I will answer why U.S. stocks are superior for asset formation. By the way, I personally believe that “the stock market is only in the U.S.”, and here are the reasons.
■ Why U.S. stocks? Reason 1: The stock market rests on private property rights
Among global stock markets, the U.S. market is highly developed because it recognizes robust private property rights.
Without private ownership of property (land, money, deposits, buildings, etc.), there is no market economy. Free exchange based on profit is essential, and transactions must be through money for a market economy to exist.
You might hear, “China is communist, yet has a market economy,” but partial privatization exists there as well.
Private property is a fundamental premise. Beyond that, it’s important that firms fairly return profits to shareholders.
These conditions are met in the U.S., and the degree of fulfillment is unmatched.
■ Why U.S. stocks? Reason 2: The U.S. national character
When discussing U.S. stocks as an investment, you often hear about the following characteristics of American society and economy.
- Size of the economy: one of the world’s largest markets; about 70% of GDP is consumer spending
- Immigration nation: historically built on immigration, actively attracting talent from around the world
- Economic system that promotes entrepreneurship: people from diverse cultures bring new ideas, and the U.S. has systems to commercialize them
■ Why U.S. stocks? Reason 3: Features and strengths of social infrastructure
What aspects of the U.S. economy and social infrastructure enable American firms’ activity?
* Economic, military, and soft power supremacy
This was proposed by Joseph S. Nye around 1990. I think the “soft power” aspect is particularly important.
For reference
“Soft Power: The Means to dominate 21st-century international politics” by Joseph S. Nye
“Soft power” is not about coercion through military or economic power. Instead, it means attracting and winning allies through one’s own values and culture. For example, Apple’s iPhone, Disney movies and characters, and perhaps Tesla’s electric cars can be included.
In general, products and services and the ways people think and act that make others think, “I want that too.” In this regard, the U.S. stands far ahead of others.
“Cool” Japanese anime and the convenience of ubiquitous convenience stores are also soft power. Europe, too, has a strong cultural soft power.
Nevertheless, people worldwide—who have a certain income level, literacy, and cultural openness—are drawn to American popular culture’s products and services.
* Elite, rational, diligent
This is deeply connected to the U.S. founding history. Generalizing about people in other countries always has biases and errors.
Under this view, claims that “elites are rational and diligent” are understandable but may be an overreach. Still, consider the leading firms, stock market sizes, Nobel Prizes, and Olympic medals—America tends to dominate.
From my observations, in any field, American top figures are often among the world’s best because there is a culture and system that highly rewards and celebrates those who are exceptionally capable and hardworking.
This is strongly related to America’s historical development, where people seeking a new life in a new land created a nation that emphasized progress and opportunity.
■ Why U.S. stocks? Reason 4: Sources of American strength
Here are my personal thoughts on the sources of U.S. strength:
1) Tolerance and incentives that bring together domestic and international intellect
2) A mission to reform existing orders; belief in human progress
3) Viewing business as a battlefield and attracting spoils from around the world
4) Constant effort to communicate with others
5) Enthusiastic dissemination of universal values you believe in
All of these connect to the American way of life. As you know, the U.S. was founded by people escaping Europe’s old customs and religious pressures, seeking a new land in North America—a highly experimental, religiously tinged nation.
Additionally, Western Europe’s Protestant-C Catholic splits and persecutions led people to seek a place to practice faith freely—the “Promised Land” described in the Bible.
When investing in U.S. stocks, understanding America’s origins and Christian influences can be useful.
1) Tolerance and incentives that bring together domestic and international intellect
For example, people who share religious values can cooperate for business and social aims even without long, deep relationships.
2) Reforming existing orders as a mission; belief in human progress
Against the old European norms, Americans look favorably on breaking taboos and pursuing what’s right, a drive labeled “creative destruction.”
3) Viewing business as a battlefield and collecting spoils from around the world
Business is seen as a sacred pursuit, a form of religious devotion; demonstrating strong conviction and overwhelming competitors may be viewed as a sign of divine favor.
4) Unceasing effort to communicate with others
This also reflects a drive to seek common understanding across cultural or religious boundaries.
5) Enthusiastic spread of universal values
This is tied to religious doctrine: a desire to promote freedom and democracy worldwide, which sometimes provokes resistance from regions like the Middle East and China.
These are the strengths I can think of that shape the United States.
■ Why U.S. stocks? Reason 5: Characteristics of American companies
What are the defining traits of U.S. companies?
1) Alignment of management and shareholder interests
U.S. firms have executives strongly committed to stock price performance because compensation is tied to stock performance. The degree of insider ownership by executives can be crucial to performance.
Shareholders reap the largest benefits when stock prices rise. If insiders hold substantial stakes, they also gain significantly.
Of course, this requires insiders to invest their own money in their firm; that drives management to increase value and stock price.
2) Strong corporate governance
Who oversees management? If there is no watchdog, many firms may pursue opportunistic behavior for higher profits.
For example, after the IT bubble burst in 2000, Enron and WorldCom engaged in fraudulent accounting, and both disappeared from the business world. The 2008 financial crisis also highlighted the consequences of poor behavior in finance.
Recently, issues like tech platform dominance and data handling have drawn scrutiny. In response, regulations adjust to reflect real-world conditions, ensuring fair competition and societal trust. This is the essence of corporate social responsibility in line with contemporary demands.
U.S. companies with solid governance offer a sense of safety and reliability for investors.
■ The U.S. is strong, impressive, and sometimes intimidating. That’s the key to wisely engaging with U.S. stocks
In sum, I’ve discussed the sources of U.S. stock market strength, including the country’s origins, religious and social infrastructure, and the relationships and governance between firms and shareholders.
What do you think? On this foundation of national ideals and religious perspectives, U.S. stock markets and public companies form the investing landscape. Some are newly born, others fade away, but overall these forces drive economic growth and national wealth. In other words, profit-seeking corporate activity is a just process. This differs quite a bit from Japan’s more community-centered corporate culture.
If you keep these ideas in mind as you view the U.S. stock market, U.S. companies may appear in a different kind of organization and form. (To be continued.)
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5. Kawata’s Walk
◇◇Recently visited favorite places (movies, museums)◇◇
A moment of leisure in the midst of busy days
■『Back to the Future』
Last Wednesday, on a holiday, I was lounging when a rerun of the nostalgic movie ‘Back to the Future’ started on BS TV, and I ended up watching it to the end.
It’s a 1985 American sci-fi film, but re-watching, the actors’ performances stand out.
What I especially like is the performance of Marty McFly’s father, George. His portrayal of being bullied by the mean kid Biff is incredibly well done. People like that exist, and he captured it so well.
■ Israel Museum Exhibit: Impressionism and the Lineage of Light — Monet, Renoir, Van Gogh, Gauguin | Mitsubishi Ichigokan Museum (Tokyo, Marunouchi)
October 15 (Fri) – January 16 (Sun), 2022
With a ticket I had been given, I slipped out in the afternoon to stroll the gallery. I try to create a moment where I release myself from work by wandering nearby. It’s a little “relaxing” sensation, though I kept peeking at my phone, so it wasn’t truly refreshing and might feel like a desecration to art appreciation (not too strict about it).
Interestingly, many visitors were women, all wearing masks. It felt like a small sign that daily life before COVID-19 is returning. Most works were from around 1900. I didn’t recognize many artists, so please excuse me if I don’t write a review.
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6. Future Activities
◇ November 10 (Wed) 11:00 AM Stock Voices (host: Kazuya Suzuki, photographer)
◇ November 17 (Wed) 11:00 AM Stock Voices
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7. Q&A Corner
Last Friday I held a YouTube Live titled “How to Raise Performance,” which many participated in and offered questions and encouraging feedback. I will整理 the questions received that day and share them with you.
■ Prioritize the Basics of Investing
The message for that day was not about specific stocks or timing but about the fundamental approach to investing. Here are five messages shown in the slides:
1) Grow a big tree, not a bonsai
2) Do not buy fund wraps
3) The United States has early retirement for many
4) Donating increases your wealth
5) What you need is “action coaching”
I’ve compiled questions and my comments and interactions here.
Question (Kawata): Do you subscribe to Nikkei?
Answer: Not subscribed (though many are). I don’t read full articles; I view online.
Question (Kawata): How was this year’s investment performance? Did you beat the S&P 500’s year-to-date return of 25%?
Answer (viewer):
1) Up 80% year-to-date
2) Up 168% year-to-date
3) Thanks to you, it’s happening
4) It’s happening
5) 50 million became 90 million in nominal terms, but I’m not satisfied
6) It’s happening
7) It isn’t
8) More than 10 holdings and under SP500 weight; +18%
9) Yes, in my case Japanese stocks up 7%, U.S. stock trading short-term up 8%, dragging portfolio performance to +18%.
Question (viewer):Kawata’s portfolio has holdings like ASML, MSCI, SE, ZBRA, SHM. How do you find these?
Answer (Kawata): I mostly gather from Barron’s Digest and Motley Fool, and English-language Investors’ Business Daily (IBD). I don’t deeply analyze individual stocks; I piggyback on what others say is good.
Question (viewer): How many times has Kawata’s “big tree” grown?
Answer (Kawata): Since starting this in 2005, around 14% annualized. That would turn 10 million to about 90 million over that period.
Question (viewer): I think S&P 500 index averaging is the baseline, but why do you prefer Nasdaq as your core?
Answer (Kawata): The S&P 500 covers roughly 78% of the U.S. stock market and is largely equivalent to investing in U.S. equities. However, the Nasdaq is filled with cutting-edge tech companies that strongly align with U.S. interests; by focusing on the Nasdaq-100 (QQQ), I bet on large tech leaders whose performance has been strong. That’s why I stick with QQQ.
Question (viewer): Could you design a plan to accumulate 20 million yen for retirement using NISA?
Answer (Kawata): Yes. In fact, Kawata has grown 5.16 million yen invested from 2014 to 2018 to over 13 million yen. For a couple, that’s about 26 million. With another rebalance, you can reach 20 million per person.
Tip: Buy S&P 500 or Nasdaq 100 ETFs and hold; don’t tinker.
Excerpt from the October 4th newsletter
■ My NISA is a model of performance
This is my performance, but because it’s NISA there’s not much to boast about—it's simply buying and holding, acting in line with NISA’s purpose.
During the first five years, the investment total was 5.18 million yen, but it has since grown to about 13.63 million yen—roughly 2.6x.
Kawata’s NISA Performance—Special Disclosure
Question (viewer): When you replaced individual stocks with ETFs, did you sell the stocks and buy ETFs of equal value, or did you inject new funds?
Answer (Kawata): When replacing, I do not reduce the position size; I replace with an ETF of equal amount. If you sell individual stocks and wait for timing, you might miss a rebound, so it’s better to buy high after you’ve sold and maintain the position.
Question (viewer): Can I get personal counseling?
Answer (Kawata):Online Salon “Dreams Realized—Asset Formation School” members can do so. Calendly shows my available times, so you can book.
■ Viewers’ Comments
① Thanks to U.S. stock investing, I was able to fund education expenses to some extent.
② My father-in-law is into physical securities; he says stocks don’t make money and is into real estate. That’s disappointing!
③ I always look forward to Kawata’s book recommendations
④ I borrowed Michael Sandel’s The Tyranny of Merit from the library. It’s on hold, so I couldn’t read it all. I bought Constitutional Law for Japanese People.
⑤ As always, market and education are fascinating together.
⑥ Komuro Naoki’s Constitutional Theory for Japanese People published during the 9/11 era has a lot to say; interesting.
⑦ Looking forward to Barron’s.
⑧ I enjoy Okura-san’s talks.
→ Dr. Okura will appear as a guest on the online talk next week (Wednesday, November 10, 8 PM).
⑨ Kawata’s talks are all convincing. The newsletter, market outlook, and online talks are very educational. Investing is becoming enjoyable.
⑩ Trading individual stocks is less effective than U.S. index investing.
11) Those who realize taxes and fees are the biggest enemies of investing are winners.
12) As Kawata says, it’s good to earn in the U.S. and spend in Japan; maybe that’s a good approach.
13) Since pre-COVID days, Kawata has helped my assets nearly double; I owe much to Kawata and QQQ.
14) Kawata’s talks are fun.
15) I will take my dog for a walk again at Inokashira Park tomorrow Saturday.
→ I went early this Saturday too. Several people brought dogs, but I didn’t know the breeds, so I avoided initiating conversations.
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