Hikari Tsushin Part 2: The investor

This article provides a deep dive into Hikari Tsushin's investment strategy. The author highlights the simplicity of their approach, focusing on businesses that are "obviously cheap" with recurring revenue streams, strong balance sheets, and consistent profitability. The investment team is small and operates with a high degree of autonomy. They primarily invest in the Japanese equity market, viewing it as an asymmetric opportunity. The article also notes that Hikari Tsushin's investment arm is a learning machine, studying other successful investors and business cases. The author concludes that while Hikari Tsushin's operating business may have some questionable practices, their investment arm is worth paying attention to.