Nice piece. Two observations. First, buybacks are tax advantaged vs dividends, would have been interesting to see your take/incorporating that into the overall analysis. Second, Japanese companies have been notorious for retaining capital and it may explain their terrible returns on capital…(continuing to try and grow despite saturation in that specific end market and not freeing up capital in aggregate to go to its most productive end cases).
Nice piece. Two observations. First, buybacks are tax advantaged vs dividends, would have been interesting to see your take/incorporating that into the overall analysis. Second, Japanese companies have been notorious for retaining capital and it may explain their terrible returns on capital…(continuing to try and grow despite saturation in that specific end market and not freeing up capital in aggregate to go to its most productive end cases).