Following on from Deep Value Graham & Dodd Opportunities In Japan (Part One), in this part I’m looking at Jefferies’ recently published a research note on Japan’s economic reforms and where they see value in the country’s equity market.
The note, titled Japan: Revisiting Graham & Dodd in Japan sought to establish how cheap or expensive the Japanese equity market has become, by using the deep value approach that Benjamin Graham & David Dodd created and revealed in their classic textbook, ‘Security Analysis’.
Results were split into two portfolios, Firstly, a ‘defensive’ deep value portfolio based on large caps with a long-term record of profitability and strong financial conditions. Secondly, a portfolio of stocks for the more ‘aggressive’...
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