public investing

In the new paper, the institute examines various alternatives to the current endowment model, including the Canadian model, the McKinsey Investment Office’s portable alpha model, and the total portfolio approach now employed by allocators including Future Fund and GIC.

The Canadian model — which emphasizes direct investing by in-house talent — has... See more

What Happened: Buffett's famous journey with the five Japanese trading houses — Itochu (ITOCF.NaE) , Marubeni (MARUF.NaE) , Mitsubishi Corp. (MSBHF.NaE) , Mitsui & Co. (MITSF.NaE) and Sumitomo Corp. (SSUMF.NaE) started not with a team of analysts or a visit to the country, but with a handbook detailing thousands of Japanese companies, according to... See more

Some investors are keen on the US switch. Andreessen Horowitz, the US venture capital firm that is Wise’s sixth-biggest shareholder, told the FT that its position on the proposals was “an enthusiastic yes”.

Today, there are about 1,000 public companies in Japan trading at <1x book value (and about 200 trading below 0.5x book). The median company trading below 1x book has 15 years of net income crystallized on its balance sheet, primarily in a mix of cash, cross-shareholdings of other public equities, and real estate.

It’s not a market collapse that I see coming out of all this. That’s fire. All I can see is the long gray slog of stagflation. And I think that’s worse.

With smaller stocks trading at deep discounts relative to large caps, we believe the outperformance of domestically oriented firms following a historic realignment of trade terms may be ushering in a new Golden Age for Europe’s small and microcaps.

Klarna was the eighth US IPO to raise more than $1bn this year, up from a total of seven in 2024 but far below the 28 plus-$1bn deals in 2021.

But the very factor that causes market inefficiency -correlated beliefs -makes exploiting that inefficiency difficult. The desire to be part of the crowd is pow erful, and being apart from the crowd is scary for most

With Europe’s microcap value stocks trading at 0.6x Price/Book today, we believe there is significant upside potential as fund flows continue to trickle down to the less liquid corners of the European market. These stocks also offer dividend yields north of 4%, so investors can be rewarded while they wait for mean reversion.