Tetsu Emori on independent research and the rise of retail investors
Tetsu Emori is the Founder and CEO of Emori Fund Management in Tokyo. He is a frequent commentator on Japanese TV talking about macro market trends. He also has his own YouTube channel and shares research and ideas with investors via reports and seminars. Hedge Funds Club’s Stefan Nilsson talked with Tetsu Emori about being free.
You started your career trading metal in Tokyo and London. Thereafter you became a Chief Commodity Strategist before you joined ASTMAX as Chief Fund Manager. Why did you decide to set up your own company in 2015?
I wanted to have free space to trade and invest by myself. Therefore, I decided to leave the company and set up my own company.
Here in Japan, you are a frequent commentator on TV where you talk about macro market trends. Many of the other Japanese commentators – in my humble opinion – are not as interesting as you. Do you think this is because most of them work for big corporations whereas you are independent and can speak freely?
Yes, the information which is available on TV and radio or in newspapers is coming out from sell-side companies such as securities companies or banks in order to expand their own business. In that sense, they are sometimes not honest to the market or even their customers because they are asking their clients to trade as much as possible to obtain commissions.
Do you find that you view markets differently when you are commenting publicly about what is going on in the markets compared to when you just had to focus on trading the markets?
Yes, most of the time, I feel it.
Do you prefer talking or trading?
Both. I trade every day and talk on Youtube every day as well.
What are your thoughts on the increasing activities and power of retail investors? Is it problematic when sometimes inexperienced retail investors start trading volatile assets and markets without necessarily understanding the risks involved?
Yes. I am trying to teach my thoughts on trading and my experience of trading to private investors. [Once they have gained a proper understanding] I hope that they can trade by themselves. Also, I am teaching them that the market is always volatile and risky, so money management is most important than other investments.
In addition to the usual research reports and analysis provided to industry professionals, you are very actively sharing your wisdom and thoughts via TV, YouTube videos and seminars for private investors. Do you feel that private investors have realised the value of independent research rather than just following broker recommendations?
Yes, they accept me and my research and thoughts rather than the information and suggestions from the sell-side companies.
Do you have plans to launch a global macro fund (and manage money for not only yourself) or will you solely focus on providing research and analysis for other investors?
I am always considering launching funds at some time in the future if the seed money is available to do so.
For Tetsu Emori’s market commentary (in Japanese), please see:
