Harris Associates' CIO: Why I only hold one Japanese company and am avoiding EMs

Although the country had been improving over the last few years, the CIO said it was not nearly enough to warrant investing in companies as many management teams viewed foreign investments as their cash and not the investors'.  His one investment, Toyota, had started to increase pay-outs and do some buybacks however, Herro had to knock-off half of the firm's $60bn balance sheet as he knew it would never be re-invested. Should investors avoid Japan because of its weak economy? "Japan is like a turtle," he said. "It is a perfect example of the differentiation between low price and hi...