Truth about US stock investment from Shigenobu Kawada's "US Stock Investment Course Shaped by the Media" [Vol.41] distributed on April 4, 2022
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Delivering the Truth about U.S. Stock Investing
［Vol.41］ April 4, 2022
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Kawata Shigenobu's “Training in U.S. Stocks through the Media”
*** Table of Contents ***
Market Recap
This Week's Featured Articles
Kawata's Stocks of Interest
Investment Tips
A Walk
A Little Guide: “Tips for Unfailingly Building Wealth”
What Privately Managed Investments by the Ultra-We rich Look Like
Activity Information
Online Salon “Asset Formation School Where Dreams Come True”
It is an online salon where we learn and inspire each other to succeed in asset formation. It offers seminars for members that go beyond the popular email magazine “Training in U.S. Stocks through the Media,” and lets you experience the appeal of U.S. stock investing.
2000 Million Yen Milestone Pace Maker
Source: Financial Services Agency; created by ExeTrust Corporation based on asset management simulations
Note: The numbers above are simulations and do not guarantee future investment results. Fees and taxes are not considered.
Reading guide: assumed yield and target attainment period
3–4% for 30+ years: wrap funds or balanced funds fit here
5–7% for 25 years: this might apply to non-U.S. stock funds
8–10% for about 20 years: a conservative view of S&P 500 gains
S&P 500 performance (dividends reinvested 1970-2021)
Reach 20 million yen earlier by proper risk-taking
Kawata's message is incredibly simple. To reach 20 million yen, make your surplus funds work as efficiently as possible. For that, it is crucial that each participant understands the meaning of risk and reward. Before reading the weekly newsletter, glance at this table and confirm your correct investment posture.
Now, start the countdown to 20 million yen immediately!
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1. Market Recap (March 28 – April 1)
＜Main Indices＞
・Dow Jones -0.1%
・S&P 500 +0.1%
・Nasdaq Composite +0.7%
＝ Quick Version ＝
While ceasefire talks showed progress and provided a floor, inflation fears triggered higher yields, and a cautious stance ahead of quarter-end capped upside. Yields continued to rise after the payrolls report on the weekend, but the impact on equities was limited.
＝ A Little More Detail ＝
Despite concerns such as Shanghai lockdowns and the inversion of long-term vs short-term yields (seen by some as a sign of recession), hopes for progress in ceasefire negotiations supported prices early in the week. Later, ahead of quarter-end and March payrolls, markets turned cautious. February core personal consumption expenditures price index rose 6.4% year over year, the highest since January 1982, weighing on sentiment.
Payroll data showed signs of labor market recovery and wage growth; inflation fears led to higher yields, but the data was below market expectations, so the stock market was not significantly affected.
S&P 500 Chart: 1 year
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2. This Week's Picked Articles
A section that selects information helpful for asset formation from what I have gathered, ranks them, and offers my personal commentary.
【1】 Nikkei Low unemployment rate, wary FRB 4/2
In last Friday's payroll report, the unemployment rate fell to 3.6% from the previous month, coming close to the nearly 50-year low of 3.5% reached in February 2020. Many federal officials at the Fed likely worry that such a low unemployment rate accelerates inflation.
“U.S. natural unemployment rate rose due to the pandemic”
Natural unemployment rate is the rate at which labor supply and demand are in long-term balance. If actual unemployment is below natural, labor demand tightens, wages rise, and inflation can ensue. National Bureau of Economic Research said the natural unemployment rate rose from 4.5% pre-COVID to 5.9% by the end of last year.
Labor shortage worsens With asset-rich individuals and firms, employers raise wages to attract workers, even if unemployment remains high; thus, natural unemployment rises.
Inversion of short- and long-term yields: The 2-year Treasury yield rose 0.13 percentage points to 2.46%, topping the 10-year yield (2.38%) on the day’s close. An inverted yield curve at the close is the first since August 2019, often viewed as a recession signal.
However, stock markets did not show excessive caution. Inversions typically precede recessions by about two years, so there may be little need to worry now. Across the last four inversions since 10-year vs 2-year yields, the S&P 500 rose on average 29% from the first inversion to its peak.
【Kawata's Comment】
The Fed's natural unemployment rate is 4%. Even last autumn when unemployment was in the upper 4% range, many Fed officials argued that “maximum employment had not yet been reached.” If natural unemployment were, say, 6%, then monetary easing would have been excessive.
2-year/10-year yield inversion (including borderline cases) and S&P 500 performance (since 1976)
【2】 Newsweek Four graphs that clearly show the root causes of wage stagnation in Japan March 29 issue
Japan’s university graduate starting salary around 200,000 yen, while in the U.S. it is not uncommon to exceed 500,000 yen. Germany had no minimum wage for a long period but wages there have been significantly higher than in Japan.
Value-added differences: In the U.S. across all sectors, and in Germany across almost all sectors, value added is higher than in Japan. If Japanese firms cannot adjust sales or prices, there is a problem with corporate competitiveness.
Japan expanded world share smoothly until the 1980s, at one point rivaling Germany, but since the 1990s share has fallen to below 4% today.
Since 1995, Japan alone reduced IT investment. Wages stem from value-added by firms, and if firms' earnings do not grow, wages do not rise.
In the U.S., shareholders influence is strong, and managers who fail to generate profits are pursued relentlessly. German law imposes penalties for prolonged insolvency, discouraging managerial complacency.
In Japan, many small and medium-sized enterprises are subservient to large corporations, suffering chronic low profitability. Strengthening governance of listed companies to international levels and reforming the financial system to promote SME independence would significantly improve Japanese corporate earnings.
In the U.S., real wage growth concentrates in the top decile with high-skilled tech occupations; workers are not rewarded for productivity increases, while executives reap rents exceeding productivity gains.
【Kawata's Comment】
In the U.S., labor mobility is high and companies treat personnel costs as variable expenses. It seems German mid-sized firms do not view themselves as subcontractors to large firms. The article compares Japan and Germany, implying many Japanese SMEs are subservient to large firms.
Every country has an established system its own; simple comparisons between the U.S. and Germany can be misleading. In Japan, job security is a priority, so even with a low labor share and stagnant wages, workers may accept it as fair. From an investor’s perspective, it would be different.
【4】 Reuters: “One-Sided US Economy and Stock Rally, Japanese Stocks Rise with U.S. Stocks” QT Tests | By Ichi Hideo Tamaki＜0.5% rate hike expectations and stock rally＞
Fed officials suggest a 0.5% rate hike at the May FOMC is highly possible. Why does the U.S. stock market—which tends to sell off on expectations of large rate hikes or rising long-term yields—continue its upward trend?
＜Oil, grains, and defense: profits accrue to the U.S.＞
1) Oil prices rise. For oil-importing countries like Japan, this is a heavy tax; for the United States, now the world's largest oil producer (BP data 1.647 million barrels per day in 2021), it brings wealth inflows.
2) Agricultural commodity prices like wheat rise. With exports from Russia and Ukraine halted, wheat futures climbed to about $12 a bushel at one point. Now around $10, up more than 40% since the start of the year. The U.S. ranks fourth globally in wheat production and stands to benefit from higher prices.
3) The invasion of Russia causes a major shift in global power balance and increases defense spending. Europe, including Germany, commits to defense spending rising to 2% of GDP. Other European nations are planning higher military expenditure. Major U.S. defense firms like Lockheed Martin and Raytheon Technologies stand to gain from this demand.
＜Disadvantageous Europe and Japan＞
Europe's heavy dependence on Russian oil and gas makes it difficult to pass on higher energy costs, potentially leading to stagflation. Japan faces a double hit from a weak yen and rising energy prices, causing capital outflows.
Viewed this way, after Russia’s invasion of Ukraine, the global economy has seen the U.S. receive a windfall while others lag, a picture of a “one-country win.” Even when looking at U.S. stocks by sector, energy stocks benefit from oil price rises and financials rise on rate hike expectations, broadening the uplift for U.S. equities.
【Kawata's Comment】
This article captures the recent rebound in U.S. stocks well. The author is Ichihiko Tamaki. Not a familiar name; a quick search reveals:Ichihiko Tamaki. Not a familiar name; a quick search reveals:
“Graduated from Keio University in 1982 (Showa 57), joined Mainichi Shimbun in 1984. Worked as an economics desk reporter covering the Bank of Japan, Ministry of International Trade and Industry, NTT, etc. Joined Reuters in January 1994. Served as deputy editor of Japanese News, columnist, Japanese News Editor, and since October 2020, in current role.”
Having joined in 1994, he is presumably in his 40s and made a transition from traditional Japanese media to foreign global media. In Japan’s traditional media, it may have been hard to say “the U.S. is winning alone.”
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3. Kawata's Stocks of Interest
A corner where I highlight stocks I found noteworthy among the U.S. stock information I follow, starting with Kawata's holdings.
This week's stock
DoorDash Ticker: DASH DoorDash, Inc.
Overview
Although a late entrant in the U.S. meal delivery space, it now holds about 50% market share and is the top player. SoftBank is invested via a fund, and the company operates in Canada, Australia, and other regions as well. It also delivers goods beyond meals.
The company's魅力
Excellent earnings
The revenue for the Oct–Dec 2021 quarter and the guidance for Jan–Mar 2022 surpassed market expectations, marking strong results. Monthly active users rose 22% year over year to 25 million, total orders increased 35% to 369 million, and total order value grew 36% to $11.2 billion, all-time highs for a quarter.
（Fig. 1: Trend of DoorDash orders）
One of the drivers of strength is a high repeat rate. When examining how many times new customers used the service in the following years, the number increases as the years pass. For example, in Figure 2, someone who first used the service in 2016 averaged 3.7 times as of 2021, compared with the overall average. Considering customers who stopped using the service, heavy users are rising each year.
（Fig. 2: Repeat counts for new DoorDash users overall）
Beyond meal delivery
DoorDash also offers household goods delivery. In this case, products are delivered from local distribution centers to the orderer, giving the impression that items bought online arrive as quickly as meals. As recognition and service areas expand, more users are using DoorDash for deliveries beyond meals. Figure 3 shows regions where non-meal deliveries exceed 20% in more than 100 areas (the rightmost bar graph).
（Fig. 3: Growth in non-meal delivery usage）
In its non-meal delivery business, DoorDash also partners with major supermarket chains to deliver fresh groceries. Additionally, it recently acquired a startup providing IT services to restaurants, creating an environment where DoorDash is used not only by consumers but also from the restaurant side.
Acquisition of Wolt
In November 2021, it announced the acquisition of Finland's Wolt. The purchase price is about €7 billion, with completion expected in the first half of 2022.
Wolt operates chiefly in Europe and Japan, and geographically complements DoorDash quite well. Wolt brings a successful business model from high-cost Northern Europe and is expected to drive DoorDash's international expansion.
（Fig. 4: DoorDash and Wolt service geographies）
（Fig. 1 is company data prepared by us; Figures 2–4 are from company materials）
Risks
Since stock prices rose about 50% from the February lows after the 2021 Oct–Dec earnings release, there could be short-term profit-taking. In the delivery industry, fierce competition can lead to share loss or revenue shortfalls relative to market expectations, which could significantly impact the stock price.
DASH Basic Data (Source: Company Data, Yahoo! Finance)
As of April 1
Share price $120.90
Market capitalization $42.12 billion
Total revenue $4.9 billion
Expected P/E N/A
Trailing yield N/A
Headquarters: San Francisco, California
Listed: December 2020
Stock price chart: intraday from March 22, 2021
Chart provided by TradingView.com
(This column is intended for general information only and does not solicit the purchase or sale of any securities)
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4. Investment tips
This column not only covers “investment methods” and “stock ideas,” but also notes “indicators or statements that caught my eye” and “movements in society and politics.”
① S&P 500 quarterly performance
The S&P 500 fell nearly 5% on a quarterly basis, marking the sharpest dip since the first quarter of 2020 (Q1).
Large declines and rises within the same quarter
There have been 11 instances since World War II where the S&P 500 fell more than 10% in a quarter and then rose more than 10% in the same quarter. This year’s Q1 saw such a pattern. In these 11 quarters, the S&P 500 ended higher than the previous quarter’s close only three times.
In the first quarter after that, the median performance of the S&P 500 in the following quarter rose 14.9%, with all but one (Q4 2008) being positive. One year later, the median S&P 500 rise was 26.7%.
Seasonally, the S&P 500 tends to rise during this period
Even as Russia’s invasion of Ukraine heightens geopolitical risks and a new world order begins to form, I still believe US equities remain attractive.
As shown below, the S&P 500 has performed well during this period over the past 20 years. Regular purchases under a NISA or additional investments could be a strong candidate during this time.
S&P 500: average returns over the past 20 years
② Raising rates aggressively to curb inflation while sustaining economic growth
On March 22, St. Louis Fed President James Bullard said, “We need to act aggressively to curb inflation” and urged raising the policy rate to 3% this year. This comment is seen as echoing the 1994 rate hikes that supported long-term economic growth thereafter.
Possibility of a soft landing?
The Fed, starting with a 25-basis-point rate hike in February 1994, tightened monetary policy aggressively, repeatedly delivering large hikes—50bps, then finally 75bps—to bring the FF rate from 3% to 6% within about a year. This helped keep inflation under control without a recession and set the stage for the late-1990s dot-com boom.
Side effects also occurred
Market turmoil in mortgage-backed securities (MBS), the failure of an Orange County, California, interest rate derivative trade leading to bankruptcy, and peso crisis in Mexico (US bailout) among others.
U.S. 1994 rate-hike period and stock prices, FF rate, inflation
Green span: The chairman who valued dialogue with the market, the post-FOMC statements became a norm. Inflation stabilized, the stock market did not slump with the rate hikes, and after the second round of hikes, the market bottomed and then rose, continuing into the year 2000.
1994 rate hikes occurred before midterm elections
In the 1990s, only 1994 and 2004 had rate hikes close to major US elections. The Biden administration would not want a repeat of 1994; Clinton-era Democrats may echo the same.
Under Greenspan, the Fed raised rates from February to August 1994 to curb inflation pressures. In November, during the first midterm elections of the administration, Democrats lost control of both chambers to Republicans.
Inflation in 1994 was in the 2–3% range. Today, the inflation rate around 7% presents much stronger inflationary pressure.
S&P 500 performance (1970–2021)
After the rate hikes from February 1994 to February 1995, the stock market posted unprecedented high performance.
Nasdaq-100 performance
(1986–2021) excluding dividends
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5. Strolling section
◇◇Recently visited stores,movies, museums, and books◇◇
~巻: Ken Kuro Kunikiyo~
Contributed by former securities professional and avid reader, Ken Kuro Kunikiyo.
U.S. Stocks End of a long banquet/Yakey Ei-shi
When I first started as a securities agent, many seniors skilled in chart analysis were around.
Among them were “chartists” and “technicians,” some of whom were top performers involved in corporate sales on the cutting edge.
There used to be a time when such star chartists flocked to major brokerages.
Nowadays, chart analysis is regarded as an antiquated skill, with fundamental analysis focusing on corporate evaluation taking the lead in stock price forecasts.
In those barren times for chart analysis, the author of this book, Ei-shi Wakabayashi, stood out, and with his hallmark golden ratio-based charting, he makes bold predictions in this book as well.
I favor fundamental analysis as the king of modern securities analysis, and I do not place my trust in chartists like Wakabayashi, but I cannot resist the temptation to obtain his new works whenever they are published.
His writings present a coherent worldview, and I am impressed by his austere stance that one must predict not only when but how much the market will move to win.
Forecast accuracy is not the issue.
Also, I am interested in Wakabayashi’s views on U.S. politics and China’s trends, given his base in New York.
This is by no means a book for individuals' asset management guidance; it is a curious book, but Wakabayashi’s new writings at times deliver the industry’s senior spirit, and I always feel admirable humility.
Monono-Are（Ken Liu short story collection 2） /Ken Liu
When I was in high school, in the 1970s, science fiction was extremely popular, many high schools had SF clubs, and cross-communications were vibrant.
Among those activities, discussions centered on the “New Wave” works that probed spiritual realms far from traditional themes like space travel and aliens.
Since the 1980s, SF has developed into various subgenres—cyberpunk among them—creating a cultural status in modern times.
A major topic in recent years is the rise of Chinese authors.
Liu Cixin’s "The Three-Body Problem," Ted Chiang’s acclaimed short story collections like "Stories of Your Life and Others" and "Breath," and Ken Liu (Liu Yukun), the editor of this collection, are named.
I was deeply drawn to the short story in this book, "Arc" (Arks). It centers on immortality, reflecting Chinese/Asian cultural sensibilities.
The protagonist gains eternal life through genetic engineering, and the partner who developed the technology cannot escape immortality due to genetic anomalies; what he must choose is...
By the way, this short story became the Japanese film Arc last year.
Young actors delivered challenging themes with sincerity, resulting in a commendable film.
If you have a chance, please watch it.
【Ken Kuro Kunikiyo】
Joined Daiwa Securities in 1980. Obtained MBA from the University of Chicago Booth School of Business during an overseas assignment. Involved in Asia business through postings in Singapore and Hong Kong.
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6. A little teaching: “Tips for asset formation without failure”
Ryuichi Motohashi, a financial advisor, shares essential tips for steady, medium- to long-term asset formation.
Previously, we introduced two investment styles—“investment as a hobby” and “professional asset management”—and discussed important mindsets for tackling each: market sense (intuition) and investment perspective, and concepts like long-term, diversified, and installment (dollar-cost averaging) investing.
Many textbooks on investing and many FP professionals and IFA-type advisors repeatedly insist on the importance of long-term, diversified, and installment investing, which is frankly tiresome.
Investors may think, “We know that already; every book says so, and famous FPs say the same, so enough already.”
Then, someone might ask, “Do you know the Rule of 72? With that, compounding could double your principal in centuries if interest rates are that low.” Some FPs still present this in a showy, professor-like manner.
However, I want to ensure that the audience precisely understands and visualizes the power of compounding—the “compounding effect” that Einstein called the greatest invention of mankind—so I will introduce it here.
■Common image of the compounding effect…
Individual investors, unlike professionals, control the time horizon and can patiently allow assets to grow. This time factor is why “asset management is the path to wealth.”
This is where the power of time (investment duration) comes alive—the“compounding effect”.
With long-term investing, compounding causes assets to grow in a roughly quadratic manner.
【Common image of compounding】
However, this compounding is not always a “perfect snowball”; it can be fickle.
I often receive questions from clients like, “If I don’t take distributions from my mutual funds and reinvest, isn’t that enough?” but that is not sufficient by itself.
■The important thing is to not just grow but to avoid shrinking significantly!
The biggest point in leveraging compounding is
“to reduce volatility = avoid large losses”. The answer to the mystery will be given later.
Please look at a simple example here.
Now, two people, A and B, start with 10 million yen as principal.
Let the top line be A and the bottom line be B.
【Quiz: Grow or not?】Source: Presenter’s seminar materials
A is a trend-chaser who loves “hobby investing” aiming to pick profitable themes this year.
Year 1: currency likely to weaken yen; overseas REITs gain about 10%. Year 2: further yen weakness brings another 20% gain. Year 3: shift to overseas growth stocks, but overseas stocks fall and yen strengthens, losing 20%. After a bit of reflection, A switches again to overseas REITs and in Year 4 gains 10%. This is the result of concentrating on potentially profitable themes.
A started with +10%, but annual returns in years 2 and 3 were ±20%, and 4 years total +20%, giving an annualized average of 5%. (10 + 20 - 20 + 10) / 4 = 5%
On the other hand, B is a steady investor who says, “I have no foresight about the economy or what will be profitable; sales pitches from brokers are dubious. If I can run investments as a job for a long time, that is enough.”
B describes diversification using a roulette analogy: place 8 bets on red and 2 on black. If red hits, Year 1 is +6%. Year 2, with confidence, red 9 and black 1 yields +8%. Year 3, with less confidence, red 6 and black 4 yields -2%. He always hedges. This approach uses diversification as a job and continues investing.
■Even if annual returns are negative, is wealth growing?
In fact, B’saverage annual return is4.5%. (6 + 8 - 2 + 6) / 4 = 4.5%
Therefore, in terms of annual average return, A 5.0% > B 4.5%, giving the edge to A.
Looking at the chart below, A has a higher annual average return.
Year-by-year outcomes show…
Year 1: A wins
Year 2: A wins
Year 3: B wins, but…
Year 4: A wins… so A has 3 wins, 1 loss.
From this, A seems to fare better in the market and appears as a winner in asset management. Hobby investors might think A is quite skilled at investing.
However, when considering compounding, things look different.
Surprisingly, the lower average return of B’s assets grows more with compounding!
In four years, the total principal plus interest are 11.616 million yen for A and 11.892 million yen for B.
This isn’t a calculation error!
What is happening? This is the “effect” of compounding, and also its “double-edged sword.”
Compounding benefits when returns are positive but also amplifies losses when negative.
【Answer: Grow less than you shrink — do not lose big!】 Source: Presenter’s seminar materials
In A’s case, the -20% in Year 3 is a negative compounding event that, after profits were earned, causes a big drawdown and ultimately reduces overall asset growth.
This is why diversification, as with B’s job-style management, is important to avoid large declines.
Many investors seem to think risk equals loss.
This moment offers a chance to truly understand risk as volatility, and to master risk-reducing diversification to avoid large losses, so you can steadily build wealth even with market fluctuations.
【Image: Grow less than you shrink — do not lose big!】 Source: Presenter’s seminar materials
Some FP/FA professionals present the rosy “snowman compounding” to clients, creating the misconception that wealth can grow acceleratively, and argue that diversification reduces risk.
Compounding is fickle and can be a snowman or a double-edged sword. Risks refer to the asset’s volatility, not mere losses. It is important to clearly understand this.
In fact, beware of many self-styled “advisors” who do not fully understand this.
※●●の答え…“減らさない”
After graduating in 1998, he began a career in finance at Yokohama Bank. Later he became a private banker at a foreign financial institution. The 2008 global financial crisis shocked the industry, and he resolved to pursue a genuine financial advisor role to convey proper asset management. He independentized after about 20 years in the industry, studying overseas PB/FA business models to improve client experiences, despite zero credit or connections.
Now, as an independent financial advisor not affiliated with any particular institution, he dedicates himself to true client-centric asset management and private financial consulting for individuals.
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7. “Private investment strategies” used by the ultra-wealthy
Hiroshi Ichikawa, who provides sales support for IFA-focused operations, offers a simple summary of the investment strategies used by the ultra-wealthy.
“Structured bond investments”
Continuing from last time, one product among private investment strategies,“Structured Bond Investments”, will be described.
What we introduce this time is a kind of bond, but not a so-called “structured bond.” It is the relatively newer “CoCo bonds” (Contingent Convertible Bonds) which offer higher yields than conventional corporate or government bonds. This section summarizes what CoCo bonds are, and key investment considerations.
What CoCo bonds are
CoCo bonds are securities with triggers (trigger clauses) that can reduce principal in part or in full or force conversion into ordinary shares if the issuer’s capital adequacy ratio falls below a pre-set level. Simply put, they are bonds with high risk of principal loss.
Because of these features, CoCo bonds tend to offer higher yields than the issuer’s plain bonds. CoCo bonds are relatively new and not as widely recognized as standard bonds, so their yield levels are generally higher than comparable rated bonds.
CoCo bonds have a minimum investment unit often set at around 10 million yen, and are generally not publicly offered to individual investors. They are attractive among bonds, but for individuals to purchase them, they typically must go through a brokerage or an IFA to source them from a dealer.
Why are CoCo bonds high-yielding
CoCo bonds are primarily issued by major financial institutions. Unlike ordinary companies, financial institutions are effectively governed by regulators and can fail based on capital adequacy standards. Banks must maintain their capital ratio above required thresholds.
These bonds are issued to bolster capital when capital adequacy ratios fall, and among these, CoCo bonds tend to be attractive as they are designed to be recognized as core capital, often offering high coupons.
Investment points
There are three main risks specific to CoCo bonds for investors.
① Substantial principal loss?
When the issuer’s capital ratio triggers the mechanism, part or all of the principal may be reduced, or conversion to common stock may occur. However, for major banks, the trigger level is very close to potential failure, and under coordination with regulators, capital hikes via new share issuance are likely to occur.
② Coupon payments may be skipped
The biggest risk is coupon skipping. Even if the capital ratio improves via fundraising, if the issuer posts significant losses and suspends ordinary dividend payments, it may decide to skip coupon payments.
③ Redemption timing may change
With CoCo bonds and subordinated bonds, there is often an early redemption date called the first call, and investors price in call risk and may not hold to maturity.
Thus, although CoCo bonds offer high yields and come with risk, holding them as part of a diversified portfolio can be a good option. Pension funds and other institutional investors often invest in these bonds. Aligning your risk tolerance with investment decisions is essential.
【Ichikawa Hiro
Investing techniques to become ultra-wealthy
President and representative director of Winviser Co., Ltd. He worked at SMBC Nikko Securities, providing asset management consulting at branches in Ibaraki, Fukuoka, and Tokyo, before marketing financial products for the ultra-wealthy.
He became an independent financial advisor (IFA) and, after advising ultra-wealth clients, established a support company specializing in IFA to contribute to Japan’s financial industry. Currently, he also provides third-opinion asset management consulting to individual investors while supporting IFA activities.
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8. Information on future activities
◇ Stock Voice: April 6 and 20 (Wed) at 11:00–
◇ Nikkei CNBC: April 20 (Wed) - telephone interview
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