Strength In Adversity

On a recent trip to Japan, Burgundy’s Asian equity team travelled to what is possibly the country’s sleepiest prefecture in order to meet a manufacturer of niche construction equipment. The trip was four hours from Osaka by bus, and that says a lot – when you can’t get somewhere by bullet train in Japan, you know you’re really off the beaten path. Following a tour of the company’s factory, we sat in a modest room in the adjacent headquarters to learn more about its business, which was an international success story. [dalio] Also read Q2/H1 Hedge Fund Letters – Letters,…