AzValor Internacional: seguimiento y opiniones

Under governor Haruhiko Kuroda's quantitative and qualitative monetary easing (QQE) plan, stock-buying through exchange-traded funds started in 2013 at a pace of about 1 trillion yen annually, expanding to about 3 trillion yen in October 2014, and further to about 6 trillion yen in July 2016.
 The purpose was to increase aggregate demand and thus inflation, as well as to encourage Japanese savers to take on more risk by buying equities. 

Mohnish Pabrai states in a similar context: “I value [consistency of earnings] more than the absolute cheapest business, because then we know there is some sustainability to the cheap business getting even cheaper, and eventually gravity takes over.” 

Robert Robotti, president of Robotti & Company, also looks for deep value situations in which intrinsic value grows over time. Consider how Robotti summed up the investment case for shipping company Stolt-Nielsen in mid-2012:

 We think the asset value today is over $50 [per ADR], and we think that asset value over the next three to five years grows reasonably well from that valuation. The stock trades at $18; book is in the high $20s. It trades at a discount to book and we think a very significant discount to intrinsic value. There is significant insider ownership—the Stolt-Nielsen family owns over half of the company. The company has bought back stock in the past. The company pays a dividend. They’ve done plenty of things to indicate that they really are concerned with shareholder value. The headwinds over the last four years have stopped the market from realizing that.

John Mihaljevic. The Manual of Ideas (Posición en Kindle1033-1042). Wiley. Edición de Kindle.