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00:00The same conference itself is all about coming up with one big idea and whatever so that brings on you can't share your big idea with us. Otherwise people wouldn't come to the conference but give us a general theme that you have Matt Miller speak about Japan again. I talked about it a year ago. It took about a year ago. I've been I've been extremely constructive on companies engaging with shareholders and companies doing proactive proactive activity to kind of help there are always in this case last year I spoke look here Sarah is selling across shareholdings. They started for the first time ever back in March. I think they're going to continue and continue very aggressively. We actually had the largest gains just announced today the largest gains last year of one point two trillion yen crash owners that had been sold over the past year. So that is a that's a large gain for Japanese companies . The companies will continue focusing on always companies I think will continue getting better. Yes but could you know an IRA is creating shareholder value is what you're suggesting here and shareholder value is a product of good corporate governance and that's the point here. Are we moving that direction because everybody rushed headlong with Abbott nomics thinking Right well you're going to fix it. But these things take time. Absolutely I agree. These things take a long time. Right. So I think the US for that matter is isn't like the 30 second inning of this game and Japan is maybe the bottom the second is happening . We've seen proactive activity both in terms of companies make companies doing buybacks. Companies like companies increasing their entire all of their governance in terms of board adding external directors and the FSA just came out with recent guidance as well . But how to get more shareholders to be engaged active with management not you have seen we've seen the amount of scandals Takata being one with Suzuki of course. Now the thing is is that a product of better shareholder or should I say corporate governance or is it that the journalists are getting more investigative. Now I know these are I don't think these are generally journalists these are generally the companies. Yeah . So improving corporate governance have both proactive parts of a proactive great parts of it. And look it's also great to kind of reveal Look it's good for Japan in the long run. For companies you feel maybe bad actors action the future to help clean up the companies companies. And you're right. We've had on my count five five corporate scandals last year and yes I think I do think we can have some more of these in the future but I think net net that makes a better investment mark in the medium long run. Right. So that's one aspect of Abba nomics you could argue which may be working maybe working. It's a jury's still out but is unknown mix as a entity working at all . I mean has it had its day. No not at all. I I just think that the expectations. You know it's like say dating in the take you know 50s dating in the tinder. Right so I think you know I think finding that foreign hedge funds in particular foreign investors in general have been you know has been acclimated kind of instant satisfaction or kind of getting very quick satisfaction and corporate governance just takes a long period of time. And I think in the long hard stretch and that's increasing in child is engaging demanding it that's increasing unwinding or questioning what's happening and that's in that think there's Additionally people are dropping poison pills which is very helpful for Japan in terms of helping companies unleash not unlock their value and we're actively engaged with our companies that we that we invested in kind of helping stock option plans for management trying to help them get them also can focus on an underlying shelter. So this is a nascent shareholder activism is what you're really alluding to . Yeah I mean this is the thing. It's it takes you know in Japan to traditionally become known as engagement not charity activism . I'm happy the word engagement we're actively engaged in management and yes it just it just takes a long time. But I do think you're going to see more and more aggressive activity of the next couple of years so which which companies you're looking at at the moment which are actually doing the right thing in your view. I mean you mentioned Coursera already what about Nintendo. There's been a sea change in them. I mean it was only about a year and a half ago that people were saying to them what do they have. Well they're games on the appstore fringes and they're doing that to some extent although in a limited way . But I completely agree. So I spoke about Nintendo and our own conference as well about them asking them to do this ask them to be on mobile. Ask them these are IP ask them to more. It seems like a no brainer didn't it really. It did. And and now we have it right. So now we have them being on mobile. Yes we can . We see more games on mobile but they can move in that direction and they just announce they're going to launch a division to increase our IP to be it. To be honest I'm sorry to go ahead and beat it to make it on movies and maybe on TV shows . So that's great and that's great. That's great for Nintendo shelters and actually that's great. My kids also. Absolutely . And if you play them as well. But tell me something Seth. Okay . Let's let's kick the end on the other side. Let's have conference the Sony conference here taking place starts June 1st . What do you get out of it. What is the conference all about at the end of the day. Look we're trying to raise money for a great charity in this case. Sony started this own foundation as well as the Clinton Foundation was very dear to my heart to count as a colleague and a friend of mine and pathway of cervical cancer. Here in Hong Kong four and a half years ago raising money for the CAC for that foundation is our main fundraiser of the year. The tickets are yes reassuringly expensive and people going to hear individual great investment ideas from 13 different managers of a single name. Actual ideas . And this year I think you get to see ideas both on the long and short sighted .

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Abenomics Assessment: A Good Time to Invest in Japan?

Seth Fischer, chief investment officer and portfolio manager at Oasis Management, discusses Japan's corporate governance, the effectiveness of Abenomics and where he sees opportunity. He speaks to Bloomberg's Rishaad Salamat on "Trending Business." (Source: Bloomberg)

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