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	<title>Active Investing &#187; Sentiment</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING &#38; SHAREOWNER ACTIVISM. **Author of &#039;Investing in Japan&#039; (2012)**</description>
	<lastBuildDate>Thu, 24 May 2012 00:43:49 +0000</lastBuildDate>
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		<title>IIJ: cutting edge Japanese IT company at dial-up prices</title>
		<link>http://steventowns.proxyexchange.org/2012/03/iij-cutting-edge-japanese-it-company-at-dial-up-prices/</link>
		<comments>http://steventowns.proxyexchange.org/2012/03/iij-cutting-edge-japanese-it-company-at-dial-up-prices/#comments</comments>
		<pubDate>Mon, 19 Mar 2012 12:16:32 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=991</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (3774) is being overlooked by the market of late after a run last year to a multi-year high. Poised for a record fiscal year (which ends in a couple weeks), no doubt 2012 &#8211; 2013 will prove to be even more impressive. See my write-up, which appears as an exclusive premium [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>No Stock Market as Undervalued and as Misunderstood as Japan</title>
		<link>http://steventowns.proxyexchange.org/2012/03/no-stock-market-as-undervalued-and-as-misunderstood-as-japan/</link>
		<comments>http://steventowns.proxyexchange.org/2012/03/no-stock-market-as-undervalued-and-as-misunderstood-as-japan/#comments</comments>
		<pubDate>Thu, 15 Mar 2012 22:37:53 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Japan - News]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[investing in japan]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[shareholder rights]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=985</guid>
		<description><![CDATA[Japanese stocks have done very well in 2012 and of course the weakening yen has increasingly more to do with the rally; deservedly so for the people of Japan. Otherwise, and unless Japanese stocks continue to do well, they could become neglected once again. Not necessarily a bad thing for value investors, and regardless of [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reuters publishes Nader&#8217;s entreaty to Cisco, blocks comment</title>
		<link>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 13:37:57 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=927</guid>
		<description><![CDATA[Great to see Ralph Nader write something on the very important matter of dividends and stock buybacks, see, &#8220;It&#8217;s time for Cisco to cough up shareholder cash.&#8221; (Hyperlink visible in full article view) And great to see it published by a mainstream outlet like Reuters. Billions of dollars, if not tens of billions, at companies [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>GE, Gibson Dunn vs. SEC &amp; Me Take II</title>
		<link>http://steventowns.proxyexchange.org/2012/01/ge-gibson-dunn-vs-me-sec-take-ii/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/ge-gibson-dunn-vs-me-sec-take-ii/#comments</comments>
		<pubDate>Tue, 24 Jan 2012 17:45:03 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=882</guid>
		<description><![CDATA[Serendipitously on Martin Luther King, Jr. Day, I was able to relay great news for shareowners of General Electric (GE) and all publicly-traded companies. The SEC ruled the prior week that GE cannot omit my critical proposal (hyperlink appears in full article view; see page 2 of PDF) requesting its board reexamine dividend policy. GE has [...]]]></description>
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		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Nintendo bottoming: worries over games proven overdone again</title>
		<link>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/#comments</comments>
		<pubDate>Fri, 06 Jan 2012 03:00:26 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=874</guid>
		<description><![CDATA[I have followed up on my original bullish take on Nintendo (NTDOY.PK) (JP: 7974) from June. In my latest, carried as an exclusive on Seeking Alpha, I explain why I remain bullish on Nintendo and among other things include mention of recent Japanese analyst actions. *Click “Read Full Story” below for hyperlink to Seeking Alpha.*]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Long precious metals, hope others stay long Treasuries</title>
		<link>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/</link>
		<comments>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/#comments</comments>
		<pubDate>Mon, 22 Aug 2011 11:43:30 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=832</guid>
		<description><![CDATA[Please see my exclusive article at Seeking Alpha, &#8220;Why I&#8217;m Long Precious Metals (And Hope Others Will Continue to Buy Treasuries).&#8221; I look at some of the perils of investing in Treasuries; the performance of select assets and money growth since 1971 when president Nixon closed the gold window; and discuss my investments in iShares [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Benjamin Graham&#8217;s rediscovered 1946 lectures</title>
		<link>http://steventowns.proxyexchange.org/2011/03/benjamin-grahams-rediscovered-1946-lectures/</link>
		<comments>http://steventowns.proxyexchange.org/2011/03/benjamin-grahams-rediscovered-1946-lectures/#comments</comments>
		<pubDate>Sat, 05 Mar 2011 20:26:12 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=694</guid>
		<description><![CDATA[Having recently re-read and reviewed Security Analysis (4th ed. pub. 1962), I was pleased to come across Wiley&#8217;s web publication of the so-called &#8220;Rediscovered Benjamin Graham&#8221; lectures from 1946.* Full of nuggets of wisdom these lectures, the tenth and final was particularly gratifying. To each investor or intelligent speculator, his or her own takeaways from [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/03/benjamin-grahams-rediscovered-1946-lectures/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese individual investors saying no thank you to JGBs</title>
		<link>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/</link>
		<comments>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 05:13:19 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[interest rates]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese Government Bond]]></category>
		<category><![CDATA[Japanese investors]]></category>
		<category><![CDATA[JGB]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/</guid>
		<description><![CDATA[The Mainichi Shimbun (original in Japanese) reported early Thursday that Japanese Government Bonds&#8217; (JGBs) popularity is rapidly falling among individual investors. Beginning in 2003, the Ministry of Finance (MoF) has sold two types of JGBs (a fixed-rate 5-year and a variable-rate 10-year) four times a year to individual investors. However, as interest rates have been [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Knuckleheaded Nomura</title>
		<link>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/</link>
		<comments>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/#comments</comments>
		<pubDate>Fri, 25 Sep 2009 13:08:20 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[capital raising]]></category>
		<category><![CDATA[Goldman]]></category>
		<category><![CDATA[Lehman]]></category>
		<category><![CDATA[Nomura]]></category>
		<category><![CDATA[Nomura shock]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/09/25/knuckleheaded-nomura/</guid>
		<description><![CDATA[The latest and largest equity dilution &#8212; approx. $5.6B; 30% s/o &#8212; by Nomura (JP: 8604) [[NMR]] has sent its shares down 16% to ¥573 in Tokyo ($6.35 at ¥90.3/$1) following an earlier rout in NY.  I think the stock has further to fall, given that it was saved by its daily loss-limit (&#8216;limit-down&#8217;) in [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japan lost, but not dead, in deflation</title>
		<link>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/</link>
		<comments>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/#comments</comments>
		<pubDate>Sun, 26 Apr 2009 23:56:31 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[capex]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Jesper Koll]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[procyclical]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[Tantallon Research]]></category>
		<category><![CDATA[tokyo]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/04/26/japan-lost-but-not-dead-in-deflation/</guid>
		<description><![CDATA[For Japan, the 1990s are commonly referred to as the &#8220;lost decade.&#8221; Those that know me are aware that I look beyond that and actually regard a quarter-century as the appropriate &#8220;lost&#8221; duration. However, if one really thinks about what has transpired and where we are today, it is rather impressive that Japan continues to [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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