In this episode of The Blunt Dollar, I sit down with Jamie Halse, founder, Managing Director and Chief Investment Officer of Senjin Capital, to explore Japanese small caps and an investment approach that goes beyond simply buying cheap stocks.
From studying law in New Zealand to spending more than a decade at Platinum Asset Management, Jamie shares the journey that led him to launch his own firm. We discuss why he sees compelling opportunities in overlooked Japanese companies, how he identifies the value hidden on their balance sheets, and why unlocking it takes more than patience.
In this conversation, we cover:
🇯🇵 Why Jamie distinguishes the opportunity in Japanese small caps from the broader market, and how he responds to the argument that Japan is a permanent value trap.
🔎 How Senjin researches hidden assets, tests business durability, and considers what a potential acquirer might pay before committing capital.
🏛️ What separates meaningful corporate governance reform from surface level changes, and why smaller companies are at a different stage of that journey.
🤝 What constructive activism looks like in practice, from private conversations and financial education to proposals on pricing, operations, capital allocation, and growth.
⏳ How Jamie approaches liquidity and exit risk when change takes years, plus his advice for aspiring investors on reading source documents, learning from mistakes, and thinking from first principles.
If you like deep value investing, Japanese equities, and honest conversations about what it takes to drive change inside a business, this one’s for you.
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Enjoy the episode!
Disclaimer: This podcast is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Listeners should consult a qualified financial professional before making any financial decisions.
