If you're too late to the party, should you bother?

Tecnos > $AJOT

This was sitting in my inbox since January 23, waiting to be processed—until the news broke that Tecnos $3666.T was getting bought out.

That meant:

1/ I couldn’t claim to be a mad genius who predicts tender offers right before they happen.

2/ I had less than half my usual position in the trade.

But since the work was already done, I might as well share it—read here.

Looking back, nothing about this obviously stood out as the first to sell but it definitely was one of the better quality businesses in $AJOT’s book. If anything, I would have put my money on Helios Techno (6927.T) (read this).

I’ll say it again: Japan activism remains the single most attractive space in global public markets today.