This column was originally published on RealMoney on Jan. 31 at 11:54 a.m. EST. It's being republished as a bonus for TheStreet.com readers.
Japan's not done yet. Last night, one of my
, just knocked the ball out of the park. This company, which is kind of like a Japanese
with an emphasis on ceramic chip packages, blew the numbers away.
I don't believe it's just Kyocera that's getting it right, though. The Japanese banks, the Japanese industrials -- think
-- and even the Japanese shipping and steel companies could be right here.
I know that it is fashionable to dismiss a market that was up huge last year. I also know that people believe the buying opportunity -- that gigantic hit the Japanese market took not long ago -- was the last chance to get back in. I believe that both views are wrong. Take
. It reported a just OK quarter Monday, yet the stock is down. When I look at Honda and hybrids and Honda and price points, I think, "What the heck is this company doing selling at 11 times earnings when it could end up being a growth stock with all of the capacity taken out by
, ready to dominate again after a prolonged period of bad loans. Or
, which is making inroads again in consumer electronics. These are all cheap stocks, cheaper than what we have here.
In short, once again I would rather be invested in Japan than the U.S. if I could invest in only one of the two countries. I can't say you haven't missed anything; that would be disingenuous. But I can say that there are a lot more Kyoceras ahead of us.
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