One of the things that's fascinating about Japan is most experienced investors have some horror story about invested in Japan.

And so when I started getting into it, what I realized was people don't like invested in Japan.

There's a real institutional bias against it.

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

My guest on today's show is Herb Wagner, the managing partner of Fine Point Capital,

a $4 billion opportunistic value hedge fund he founded 11 years ago after spending 14 years at Boutpost and two at Appalusa under legendary investors Seth Carmen and David Tepper,

respectively. Our conversation starts with Herb's hard work as a youth in small town, Ohio,

this fortuitous early entry into distressed investing in hedge funds

and mentors who shaped his investing career.

We then dive into the DNA that Herb carried forward

to Findpoint, including the evolution of value investing,

sourcing miles wide, conducting research and diligence

miles deep, constructing portfolios, and current

opportunities in Japan and reinsurance.

Before we get to Ted's interview, it's football season, which in my house also means

it's indoctrination season.

Because let's face it, young minds are malleable.

And when you've got kids, you've got a once-in-a-lifetime chance to wire them the right way with your favorite football teams.

Just ask my four-year-old.

Go dogs. Thick games.

Woo-woof, woof.

Now that's an easy one.

...