Three Japanese stocks to buy now

Each week, a professional investor tells us where he’d put his money. This week: Michael Lindsell of Lindsell Train picks three Japanese stocks to buy now.

Each week, aprofessional investor tells us where he'd put his money. This week:Michael Lindsell of Lindsell Train.

One of Lindsell Train's founding principles is to run client money as we would run our own which means to protect and if possible grow capital. The best chance of achieving this is by investing only in those companies that we judge to be exceptional. For us, exceptional means: likely to be profitably in business in 20 years' time. It is surprising how few quoted companies meet this test, as evidenced by the high attrition rate for constituents of equity indices over the past 20 years. Because there are only a limited number of such companies that meet our criteria, we run concentrated portfolios, with 20-30 holdings, and we rarely make changes. Here we look at three exceptional Japanese companies.

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Michael Lindsell is manager of the Lindsell Train Japanese Equity Fund.