Lisa Du 2.5 3 ideas

Japan holds a $7 trillion cash pile. Blackstone and KKR are launching massive media blitzes and educating local brokerages to sell private market products to Japanese retail investors. With inflation finally hitting Japan, cash is no longer safe. The shift from savings to investments is a massive AUM growth opportunity for alternative asset managers who can capture even a fraction of that $7 trillion. LONG. A structural flow of funds story benefiting the largest asset gatherers. Japanese retail investors are notoriously risk-averse and may prefer domestic equities (Nikkei) over foreign private credit/equity.

Today is the deadline for Toyota's tender offer to take its unit private; Elliott Management is pushing back, arguing the offer is too cheap. This is a test case for Japanese Corporate Governance. Activists like Elliott are "hunting big game" in Japan. If Toyota is forced to pay more or restructure, it signals that shareholder value is finally paramount in Japan. Bullish on the value-unlocking theme within the Toyota group and broader Japanese equities. Toyota management digs in and refuses to negotiate, dampening the governance reform narrative.