11 th April

Safely back from an interesting trip to Tokyo

Much to learn from a culture with minimal asset appreciation for over 20 years . High public debt of 220% GDP funded by personal savings and net negative investment returns on these funds.

A society which has the longest life expectancy in the world and yet a declining population at the same time .

Two weeks holiday a year minimal unemployment and jobs for life even if some roles are very contrived

Perhaps other societies will face similar issues of effective deflation and loss of purchasing power

It is very hard to stimulate an economy if thre is no expectation of a meaningful reward for investors who take risk

The natural response is to take funds overseas with Australia being a beneficiciary via the Yen carry trade

Two of our domestic life companies Tower and MLC have both been sold to Japanese equivalents

Much to learn but good to be home

Makets seem to be drifting both domestically and globally as I write


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