KonichiValue

KonichiValue is a relatively new podcast built around something most English-language value investors barely touch, which is the deep universe of small and micro-cap Japanese equities trading below book value, sometimes below net cash. The host is a working analyst who runs a Substack of the same name and has been documenting individual Japanese companies for years, walking through balance sheets, parent-subsidiary relationships, governance reform progress, and the slow grind of corporate change happening since the Tokyo Stock Exchange started pressuring listed firms to address their price-to-book problem. Episodes typically feature interviews with other Japan-focused investors, fund managers running dedicated Japan strategies, activists pushing for capital returns, and occasionally Japanese executives themselves. The conversations get into the granular details that make the market interesting, things like cross-shareholdings, the practical mechanics of tender offers, why some cash-rich companies still resist buybacks, and where the genuine special situations currently sit. For anyone whose value investing diet has been entirely American or European, the show is a useful expansion of the opportunity set into one of the most overlooked corners of the developed world. Released roughly twice a month, with a back catalogue that pairs well with the written research on the accompanying Substack for listeners who want to follow specific names from one episode to the next.