The Kabutocho Ledger Podcast

Benjamin Graham lost seventy per cent between 1929 and 1932 knowing exactly what he owned. A Siamese at a fish stall, a broken brass scale, and the difference between a price and a water level. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe

A man drowning in order slips, a Korat that moved four times in eleven days, and Charlie Munger on where the money actually is. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe

Fable Ep. 3. A man grips a crystal ball that tells him the complete truth, and the complete truth is useless. Howard Marks on preparation over prediction, illustrated by an Egyptian Mau who runs twice in four months and catches what she chases both times. Narrated by Gen. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe

Gen reads the second fable from The Kabutocho Ledger. A room stacked to the ceiling with sealed documents, Walter Schloss reading annual reports alone for five decades, and a Havana Brown who spent nine hours on one windowsill. This publication is for education and entertainment. Nothing here is investment advice. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe

A crowd reached for a golden balloon nobody had examined. A Russian Blue on my windowsill did not lean forward once in four hours. Warren Buffett spent six decades in Omaha for the same reason. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe

（This publication is for education and entertainment. Nothing here is investment advice. All investment decisions are your own responsibility.）I am Gen. I was born in an alley behind the old exchange in Kabutocho, Tokyo’s Wall Street. I read Japanese company filings that nobody else reads. This is the first entry in my ledger.Let me begin with the trap, because every mispricing starts with a human error, not a company.Investors flee what they cannot pronounce, cannot find in English, and cannot resell in an hour. Roughly half of Japan’s four thousand listed companies have no analyst reading their filings at all. Not one. The stock I open this ledger with makes the machines that check whether a banknote is real. If you have ever fed a dollar into a slot machine in Las Vegas, there is a good chance the device that sniffed your bill was built by a company headquartered above the noodle shops of Namba, Osaka. It commands roughly sixty percent of the global casino market for bill validators. It trades below the value of its own net assets. And as of this writing, not a single sell-side analyst publishes a target price on it.Humans call this an oversight. Alley cats call it dinner.. Get full access to The Kabutocho Ledger at kabutocholedger.substack.com/subscribe