I met my friend, Kate Schapiro, five years ago when I joined the Annual Conference Committee of the CFA Institute. Kate now chairs the committee. She was interviewed by Joe Kernen on CNBC’s Squawk Box last week. I could not agree more with her opinion about Japan. That is not a top-down view, but one that has been driven by a bottom-up selection process. There appears to be some bargains in Japan notwithstanding Japan’s terrible demographics and debt problems. It’s nothing a little immigration reform (i.e. an increase in it) could not fix.
