▶Herb Wagner consistently argues that Japan's government-led corporate governance reform, initiated in 2014-2015, is a primary driver for a long-term investment opportunity in the country's equity market.Apr 2026
▶He maintains a consistent view that current credit markets offer poor risk-adjusted returns due to tight spreads and reduced liquidity, leading his firm to hold historically low exposure.Apr 2026
▶Wagner repeatedly asserts that traditional value investing strategies, based on simple metrics like price-to-book, have become ineffective over the last decade due to rapid technological disruption.Apr 2026
▶He consistently points to structural market changes, such as the 90% decline in dealer capital and the rise of passive investing, as key sources of opportunity for active, fundamental investors.Apr 2026
▶Wagner highlights the tension in the Japanese market between its significant investment potential from reforms and the considerable geopolitical risk posed by a potential China-Taiwan conflict.Apr 2026
▶He presents a debate around Japan's sovereign debt, acknowledging its high 250% debt-to-GDP ratio but arguing it is manageable when accounting for the central bank's holdings.Apr 2026
▶Wagner contrasts the widespread popularity and capital inflows into the private credit asset class with his view that it is untested in a full credit cycle and currently too competitive.Apr 2026
▶He identifies a conflict between the institutional bias and past negative experiences that deter investors from Japan, versus the fundamental, ongoing improvements in corporate behavior he observes.Apr 2026
Not enough data for timeline
Sign up free to see the full intelligence report
Get started free