Japanese Company Handbook - Toyo Keizai

[schin]

You can get the latest version on Kindle, but this is their last printed, hardcopy (2024 Winter). I visited their HQ office (Toyo Keizai) to get this and talk to one of their analysts. Always cool to explore different corners of the financial world.

 

Warren said he used this reference prior to buying this Japanese basket of stocks. Flipping through it, I can see the value.

[chenisheng]

That’s awesome, how was visiting their HQ? 
 

[schin]

11 hours ago, chenisheng said:

That’s awesome, how was visiting their HQ? 
 

 

@chenisheng I didn't get the full tour. I just talked to one of their analysts. They have this really cool Nike Shoe Dog art work in the lobby.

 

[Gamecock-YT]

Is there any practical benefit to owning the 2024 copy, besides the novelty of having a physical book? Unlike a discontinued publication like Walker’s Manual, this handbook is still actively updated. Having a 2024 edition is like holding onto a Value Line investment survey from two years ago, most of the data is completely stale. Even in my limited experience looking at more recent handbooks, the companies currently surging are highly specific to today's market, like pachinko parlors or export businesses capitalizing on the weak yen.

[schin]

1 hour ago, Gamecock-YT said:

Is there any practical benefit to owning the 2024 copy, besides the novelty of having a physical book? Unlike a discontinued publication like Walker’s Manual, this handbook is still actively updated. Having a 2024 edition is like holding onto a Value Line investment survey from two years ago, most of the data is completely stale. Even in my limited experience looking at more recent handbooks, the companies currently surging are highly specific to today's market, like pachinko parlors or export businesses capitalizing on the weak yen.

 

I actually like looking at data that is 1-2 years old, so I can see what the management was saying during that time and fast forward to now, seeing if they actually implemented their strategy and the financials improved accordingly. I also like 10-15 years plus of data because I want to see how a business operations through a full business cycle (peaks and troughs).  Most recently, I am most interested in how management works through COVID (2020s), which is out of their control. Or in your scenario above, a weak yen. In due time, there will be a stronger yen. 

 

As for the 2024 version, It's like looking at a chess board and seeing the optionality.  If you're given the same data as Warren Buffett and don't see the "play".. then oh well. 

 

It's like working with quarterbacks and asking them what they see during their reads.... Tom Brady and other elite QBs will see stuff pre-snap and post-snap that the Bryce Youngs of this world will not see.  You could run into "resulting" like Annie Duke.. but, I still think it s a good table top exercise. 

 

It's a regression testing on your thought/investing process. If you can see the fat pitch then, you should feel confident in applying the same analysis to the current 2026 version... if it's still available.

Edited 1 hour ago by schin