John Coumarianos: Your portfolios, the foreign ones, the global and the overseas funds have a significant amount of Japanese exposure, certainly more than your peers. And Japan has had rough economic times arguably for a couple of decades. Now, tell us what you see in some of the firms you own in Japan and why you have such a significant exposure to those firms?
Abhay Deshpande: Well, Japan, it's a cliché. But Japan is a market of stocks, not a stock market. And to illustrate that, where we have some of our larger holdings such as Shimano, we bought in 1993-1994, we've actually made money on that first purchase over the last 17-18 years, even though the stock market itself is down by maybe 40% or 50% since then, the Japanese market.
To view this article, become a Morningstar Basic member.
John Coumarianos does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.