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	<title>Active Investing &#187; Hedge Funds</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING, SHAREHOLDER ACTIVISM</description>
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		<title>The ongoing JGB battle</title>
		<link>http://steventowns.proxyexchange.org/2009/11/jgb-masochists-versus-sadist-hedgies/</link>
		<comments>http://steventowns.proxyexchange.org/2009/11/jgb-masochists-versus-sadist-hedgies/#comments</comments>
		<pubDate>Sat, 14 Nov 2009 20:22:57 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[cross shareholding]]></category>
		<category><![CDATA[David Einhorn]]></category>
		<category><![CDATA[FT Alphaville]]></category>
		<category><![CDATA[Greenlight Capital]]></category>
		<category><![CDATA[Gwen Robinson]]></category>
		<category><![CDATA[Japanese Government Bonds]]></category>
		<category><![CDATA[JGB]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[pension fund]]></category>
		<category><![CDATA[short]]></category>
		<category><![CDATA[tokyo]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/14/jgb-masochists-versus-sadist-hedgies/</guid>
		<description><![CDATA[No doubt David Einhorn (Greenlight Capital) is an astute investor. Recently he declared his bearish view on JGBs, which subsequently has generated heavy interest among financial and political circles. Hats off to Gwen Robinson of FT Alphaville for solid ongoing coverage of the latest JGB tale (see JGBs and the ‘end’ of the short-squeeze fest). [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks &#8216;fairly&#8217; undervalued</title>
		<link>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/</link>
		<comments>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/#comments</comments>
		<pubDate>Fri, 23 Jan 2009 05:17:29 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/</guid>
		<description><![CDATA[The author&#8217;s intent is not to be misleading, but rather to be as frank as possible, regarding the longstanding debate of whether or not Japanese stocks are truly undervalued. In short, the answer is  no. I no longer believe Japanese stocks are undervalued, not to the extent that I once did, and not to the [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Panic selling in Japan brings casualties</title>
		<link>http://steventowns.proxyexchange.org/2008/10/panic-selling-in-japan-brings-casualties/</link>
		<comments>http://steventowns.proxyexchange.org/2008/10/panic-selling-in-japan-brings-casualties/#comments</comments>
		<pubDate>Fri, 10 Oct 2008 11:30:52 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/10/panic-selling-in-japan-brings-casualties/</guid>
		<description><![CDATA[Down more than 11% in early trading, the Nikkei shed 9.6% to plunge to the 8,000-level (closing at 8,276). N225 futures barely managed to preserve that level, dropping 1,180 points to 8,020. Yet again, the JP financial press, citing a Nikko/Citi strategist, points to (preemptive) selling by hedgies. Combined de-leveraging and de-risking by HFs is [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Perfect storm slams Japanese equities</title>
		<link>http://steventowns.proxyexchange.org/2008/10/perfect-storm-slams-japanese-equities/</link>
		<comments>http://steventowns.proxyexchange.org/2008/10/perfect-storm-slams-japanese-equities/#comments</comments>
		<pubDate>Wed, 08 Oct 2008 11:15:46 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/08/perfect-storm-slams-japanese-equities/</guid>
		<description><![CDATA[First, no wonder there are no domestic buyers of stocks &#8212; not only is there widespread fear and distrust of capital markets, but also, after years of experiencing deflation, there&#8217;s unfortunately no urgency to buy something that may only become cheaper. That said, someone needs to set a floor on prices. The spread between the [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/10/perfect-storm-slams-japanese-equities/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Tale of Two Banking Systems</title>
		<link>http://steventowns.proxyexchange.org/2008/09/a-tale-of-two-banking-systems/</link>
		<comments>http://steventowns.proxyexchange.org/2008/09/a-tale-of-two-banking-systems/#comments</comments>
		<pubDate>Fri, 19 Sep 2008 11:42:40 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/09/19/a-tale-of-two-banking-systems/</guid>
		<description><![CDATA[Wilbur Ross made an interesting comment at an Invesco seminar in Tokyo on Thursday, stating that Japan&#8217;s financial system has never been healthier &#8212; even (historically) compared to the U.S. No further details were provided by financial press coverage in Japanese, but it is fairly obvious that the Japanese were primarily (although marginal) customers of [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Milking Mitsubishi UFJ</title>
		<link>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/#comments</comments>
		<pubDate>Mon, 18 Aug 2008 16:12:48 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/18/milking-mitsubishi-ufj/</guid>
		<description><![CDATA[Below are some additional thoughts on the latest MUFG-UB offer (these comments were originally posted in response to an article published by Reuters; edited for style/formatting). UB&#8217;s [[UB]] Special Committee is very opportunistic and knows what it is doing. It has effectively taken its minority stake hostage vis a vis its board representation and a [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>&#8216;I scratch your back, you scratch mine&#8217;</title>
		<link>http://steventowns.proxyexchange.org/2008/08/i-scratch-your-back-you-scratch-mine-reuters/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/i-scratch-your-back-you-scratch-mine-reuters/#comments</comments>
		<pubDate>Tue, 05 Aug 2008 01:44:35 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/05/i-scratch-your-back-you-scratch-mine-reuters/</guid>
		<description><![CDATA[Mixed signals, as always, from Japan. Activist investors are making some ground, most notably in Steel Partners v. Aderans (8170). Still, the climate for M&#38;A and shareholder value unlocking investors is not made any easier by more expansive cross-shareholdings. A more concerted effort is needed by METI, FSA, TSE and the business lobbies. (See Reuters [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/i-scratch-your-back-you-scratch-mine-reuters/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Nikkei Weekly Outlook: Just Wait Until Friday</title>
		<link>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-limited/</link>
		<comments>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-limited/#comments</comments>
		<pubDate>Mon, 23 Jun 2008 08:16:09 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Weekly Outlook]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/06/23/nikkei-weekly-outlook-limited/</guid>
		<description><![CDATA[Last week was another down week for the Nikkei, albeit very limited, but the Friday close of 13,942 was over 3.5% off the weekly high and the second consecutive week of a sub-14,000 finish. So, while the Nikkei had been showing signs of promise and not simply selling-off on every piece of bad news, a [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-limited/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Empirical Evidence Suggests Going Long Japan May Be Timely</title>
		<link>http://steventowns.proxyexchange.org/2008/06/empirical-evidence-suggests-going-long-japan-may-be-timely/</link>
		<comments>http://steventowns.proxyexchange.org/2008/06/empirical-evidence-suggests-going-long-japan-may-be-timely/#comments</comments>
		<pubDate>Thu, 12 Jun 2008 13:41:20 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/06/12/empirical-evidence-suggests-going-long-japan-may-be-timely/</guid>
		<description><![CDATA[In &#8220;Hollowing Out, Tokyo Style,&#8221; FT Alphaville&#8217;s Gwen Robinson does a fine job of capturing an ongoing, and now accelerating human resources conundrum. While it seems like there&#8217;s no shortage lately of fake Japundits (not to be confused with the real Japundit, who is simply trying to keep it real on the cultural front) saying [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/06/empirical-evidence-suggests-going-long-japan-may-be-timely/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Nikkei Weekly Outlook: Testing Dubious Highs</title>
		<link>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-testing-dubious-highs/</link>
		<comments>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-testing-dubious-highs/#comments</comments>
		<pubDate>Sun, 01 Jun 2008 22:40:34 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Weekly Outlook]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/06/01/nikkei-weekly-outlook-testing-dubious-highs/</guid>
		<description><![CDATA[Last week&#8217;s question of resiliency or reluctance at 14,000 for the Nikkei 225 Stock Average was answered, somewhat predictably, with another late-week rally. The Nikkei ended the week higher by 2.3% to 14,338.54 and the broader TOPIX, which rose by the same amount, recouped the 1,400-level (1,408.14) for the first time since January 10th. This [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/06/nikkei-weekly-outlook-testing-dubious-highs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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