Activist Happenings #9: Japanese Yen, Toyota Industries, Warner Bros, Cybersecurity & More!
"The big money is not in the buying and selling, but in the waiting." - Charlie Munger
✳️ Welcome to our ninth issue on activist happenings around the world. In this issue, we discuss some of the high profile stories - Toyota Industries, Warner Bros, London Stock Exchange Group. We hope to provide some differentiated insights that can be useful to your investment process.
💴 Japanese yen remains weak as f*ck. That’s because yen remains the cheapest funding currency, fuelling not just plain vanilla yen carry trade but stock, property and other purchases. Banks are offering 1% yen funding via wealth management loan facilities in Singapore. The following chart, CFTC’s yen futures open interest, proxy for yen carry trade, at all time high, says it all.
🇯🇵 While Japanese activist stocks can help generate alpha, do make sure you hedge some of the yen → by borrowing yen i.e. do a…
