・The fact that there is no exit or exit for US stocks means there are at least 3 agreements: 1) a situation where the institutional foundation of credit that should have been in the US stock market corrodes due to loss of dictatorial governance and rule of law led by Trump, 2) the risk that there will be no buyers when a bubble that has become too expensive bursts, and 3) a situation where the exit of the US in an era where US dispatch fluctuates and there is no model for the next global order in sight (p5)
・Whereas Japanese company laws are consolidated into one at the national level, US company laws are determined at the level of methods rather than at the federal level common to the United States, and each state tends to run in a direction that favors business owners in an attempt to establish a company in their own state (p46)
・In the US, there are restrictions on the issuance of multiple voting shares by existing listed companies, but it is thanks to this system that China's Alibaba Group was able to list 25 billion dollars, which can be freely issued when listing for the first time (p59)
・The stock first principle is built on the premise that “shareholders can fire managers at the end,” but that assumption collapses under multiple voting shares. If shareholders are dissatisfied, they have no choice but to sell shares, and governance discipline due to the market is becoming hollow in the US (p61)
・If you look at what President Trump is actually doing, you can see that the United States imposes strict demands on allies, disrupts international cooperativism, and runs into chauvinism, and immigration restrictions for foreigners · exclusion suppression of international students and foreign researchers (p85)
・When it comes to Trump-like tariffs, an illegal ruling was handed down by the Federal Supreme Court in 2026/2, and if refunds to importers are granted, the total amount will reach a maximum of 170 billion dollars, which blows away a significant portion of tariff revenue and has a big impact on finances; according to the US New York Fed report, it was found that about 90% of Trump tariffs are borne by American consumers and companies, and the US tariff policy protects domestic industries in the short term Even if we aim for it, it is likely that in the long run it will lead to price increases and supply chain disruptions, and other countries will benefit from international capital movements and system design (p87, 89, 90)
・The reason why the US economy seems to be doing well so far is that only some wealthy people, such as wealthy people and tech companies, are enjoying historic wealth expansion, and general consumers have already begun to scream. After all, no matter how successful they are advertised, they ignore failure and force it. As a result, American companies will either pay for it or there will be a price shift. What we end up with is that the lives of the common people will not be able to run due to unreasonable chaos, inflation, and lack of supply, and there is also a possibility that it will become a medium- to long-term recession (p93)
・ How much profit AI will generate is an issue for the future, and if expected productivity improvements are not visualized, the bubble that swelled ahead of the aircraft is also close to bursting. Meanwhile, China is catching up to make a low-cost and efficient model like Deepseek, and investment driven by US volume does not necessarily promise an efficient victory (p100)
・In conclusion, there is an extremely large question mark on sustainability even if a strong official exchange rate continues in the short term, and even if treatment springs up with the aftermath of tax refunds and interest rate cuts for a while, if “rekindling inflation,” “concerns about budget deficits,” and “failure to monetize AI” overlap, they will enter an adjustment phase all at once (p101)
・In 2023/3, both the upper and lower chambers of the US Congress passed a resolution prohibiting investment decisions that take ESG into consideration for workers pension fund operators, but President Biden first vetoed that resolution in March (p108)
・ Governance strengthening under the SOX Act, reward disclosure regulations based on the Dot Frank Act, and information disclosure obligations on climate change and conflict minerals were introduced, and these regulations targeted listed companies. The backlash from the corporate side that “response costs are too high” intensified against that strict rule, far from tackling ESG, companies left the securities market one after another, and the mandatory ESG disclosure increased the burden on companies, making it more difficult than the top, and the number of companies that went private increased (p117)
・The market division of the Tokyo Stock Exchange was revamped in 2022/4, and the full application of the new standards began after 2025/3, and as a general rule, companies that have not met the standards will go through a 1-year improvement period and will be delisted if they are still not improved (p164)
・Game changes with generative AI are taking place, and gathering information, organizing issues, creating hypotheses, and creating scenarios will be overwhelmingly streamlined. Strategy planning is becoming not just a “privilege only for some excellent companies,” and there is a possibility that AI will make up for the lack of management power and human resources where Japanese companies are said to have been weak (p205)
・What you have to be careful about is that what AI brings is “information” and “strategy,” not profit. If the field does not change, business reforms do not progress, and profits do not increase, then AI investment will not be a productivity revolution, but simply a cost (p205)
・There is no need for Japan to fight on the same playing field as the United States; Japan also has strong regions such as semiconductor manufacturing equipment, materials, precision parts, industrial robots, etc., and American companies cannot easily imitate those areas. In the end, what determines the game is “implementation” and “monetization,” where knowledge obtained with AI is applied to the field and converted into profit as a product or service is questioned. Japan seems to have its own tailwind in this regard; while the United States is fighting for generative AI model development, that is, software hegemony, Japan implements AI in the physical world such as robots and factories There is a high possibility that the Japanese manufacturing industry, which has a field of expertise called “physical AI,” will be re-evaluated as a “limb that drives AI,” and this is not an IT AI bubble for aircraft selection, but growth involving actual demand (p207)
・Japan has a declining birthrate, aging population, and population decline, but in addition to being covered by generative AI, etc., there is a possibility that it is possible to achieve more desirable and effective digitalization based on failure cases in one's own country and other countries, where growth in the “medical/nursing/renewable energy field” taking advantage of an aging society is also expected (p226)
・Inflation is likely to continue for the time being in Japan in the future, so stock investment is a countermeasure; there is also an idea of buying gold, but there is also a risk of theft, and money itself does not increase, does not generate speed per hour, and it is protective, but it does not have a “mechanism to increase.” In contrast to this, since listed stocks are electronically managed, they are easier to manage than physical assets (p228)
・What is important is the idea of “which currency will I use in the future,” and if you live in Japan and pay living expenses in Japanese yen, it is natural to focus on assets denominated in yen. Conversely, if you plan to live in the dollar area in the future, how much do you need to improve your asset articles (p238)
・Even if President Trump tolerates high crude oil prices and takes a strategy to incite inflation, it is American companies that have gone into debt and bought their own shares to raise profits. Medium- to long-term interest rate increases directly put pressure on management. Fluctuations in crude oil prices directly hit American society and American companies that consume large amounts of energy. On the other hand, “excessive cash and deposit” of Japanese companies is the strongest bulwark, and “maturity of governance,” which makes the market accept high external resources while holding internal reserves, is progressing (p248)
