QAV America 10 – ORIX & The Japanese Conglomerate Discount: Value or Value Trap?
In this episode of **QAV U.S.**, Cameron and Tony dive deep into Japanese financial conglomerate **ORIX Corp (NYSE: IX / TYO: 8591)**—a sprawling, Berkshire-like beast with operations in leasing, insurance, private equity, energy, real estate, and even a baseball team. They discuss ORIX’s intriguing scandal history in Australia, its global diversification, and the tax nightmares of investing in PFIC-designated ADRs for U.S. citizens. The episode also covers the broader Japanese market dynamics (like stocks trading under book value), crude oil’s re-entry as a buy, and the nuances of applying the QAV system to ADRs with foreign currency reporting. As always, the show blends solid financial analysis with historical trivia, sarcasm, and irreverent humour.