ヒトラーの投資 テロップを採録しました

「ヒトラーの投資」のテロップを採録しました。

-We have organized your investor tour through Asia for you.

We have scheduled company meetings in the following cities:

We plan to go to Sydney, Hong Kong, Singapore,

and finally we plan to conclude the tour in Tokyo.

(Hitler) We don't need to go to Tokyo, that country has become un-investable

-My Fuehrer...Steiner...Steiner in asset allocation allocated 30% of our EAFE money into Japan.

We are 10% over the index weighting in Japan.

(Hitler) Anyone who was advocating we pile into the China bull market, leave the room now.

HOW THE FUCK COULD THIS HAPPEN?

Why wasn't I informed earlier?!?

Who the fuck would overweight Japan?!

That market has been a dog for 20 fucking years!!

It is even worse now that they have elected muppets and put a ranting police officer in charge of the banks.

And worse yet, it doesn't even matter how bad the government is when the corporations themselves are run as social welfare institutions!!!!

-My fuechrer, the Japan market has never been cheaper on book value and...

(Hitler)OF COURSE IT'S FUCKING CHEAP!

Who gives a shit about book value if they never make a return or pay their shareholders!?

-But corporate governance is improving, payout ratios are at all time highs...

(Hitler)Fuck payout ratios!!

Who wants dividends from sunset industries, when they can get 25% ROEs in China?

What the hell is there to invest in of interest in Japan?

The good companies are all too expensive and don't return excess capital to shareholders anyway

And the rest of the market is either never-ending restructuring stories or just leveraged into the global cycle

The domestic economy is doomed to never ending decline with its population base

It is just an old folks home run by gangsters and bureaucrats

When will you assholes learn that Japan's promise always disappoints?

They always talk reform when the pressure is on but then nothing happens!

And you guys always tell me that Japan is the best stock-pickers market

That there may be no beta but it is the best alpha market

Show me the alpha!

God Damn It.

How much fucking alpha can there be in a country that randomly lists new equity?!

Net cash companies, mature companies; it doesn't matter they will still issue stock and dilute you!

Hell, there is no reason to go to Tokyo now.

Even the quality of the strippers and hostesses has been deteriorating

-Don't worry, he doesn't mean you.

(Hitler)What about my track record?

My five years track record had just gone into the black.

You bastards cost me my track record and my bonus

Just as those fucking retards in investment banking are getting record bonuses

Now I'm left with jack shit

I should have studied Mandarin.

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