Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital.

You can keep up to date by visiting Capital Allocatorspodcast.com.

My guests on today's show are David Barron and Kazuhiko Shibata, co-founders of Symphony Financial Partners, a 20-year-old

Asia-based manager of $1.3 billion in assets. Symphony focuses on deeply undervalued

companies in Japan, with a long-bias, constructive engagement strategy that works closely alongside willing management teams to see intrinsic

value reflected in the share price. Our conversation covers their early careers in Japan,

the country's employee first shareholder last culture, the resulting disconnect of corporate

activity and share price, and the formation of

symphony to invest in the few companies willing to close the gap over time.

We then walk through their investment process, including the challenges of taking advantage

of what appears incredible value on paper, offering friendly advice as a key component of due

diligence, conducting research,

and structuring portfolios. We close with the discussion of corporate governance and the necessity

of a long-term perspective to thrive in Japan. Please enjoy my conversation with David Barron and

Kazuhiko Shibata.

David Shabata son, thank you so much for joining me.

Very good pleasure.

Good to see you.

So David, why don't you take me back to the beginning and how in the world you got to Japan?

That beginning. Wow. Actually, I got to Japan? That beginning.

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