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2003年度（2003.4～2004.3）　ワークショップ講演

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Workshop (June 19, 2003)
Entrepreneurship Study, Graduate School for Creative Cities, Osaka City University
Guest Speaker: Mr. Hideto Fujino,
Fund Manager, Goldman Sachs Asset Management Co., Ltd.

Reported by: Kunihiro Morikawa, Yoshie Yagyu (graduate students)

Top Fund Manager, the World’s Best at Creating Entrepreneurs

1. Lecturer Profile

Upon graduation from Waseda University in 1990, Mr. Hideto Fujino began his career working at Nomura Investment Management, where he managed funds comprised of Japanese middle-standing small and mid-sized companies, along with Japanese and foreign pension and institutional investors. From January 1996 through December 2000, he worked as a fund manager at J.P. Morgan Fleming Asset Management, once again in charge of Japanese middle-standing small and mid-sized companies, where at its peak he managed a total of 80 billion yen. Notably, as of the end of 1999 he had led other Japanese fund managers in performance for the preceding one-, three- and five-year periods. He moved to Goldman Sachs Asset Management in February 2001, where he has been working as a fund manager to this day, again in charge of Japanese middle-standing small- and mid-sized companies. In June 2001, he was ranked number one among the world’s offshore fund managers by The Wall Street Journal. Moreover, in the end of 2002 he received the Standard and Poor’s Micropal top rating for three-year performance in the small-sized stock section. Although at only 34 he can count such significant achievements to his credit, Mr. Fujino has quite a humble, tranquil personality, very rare in a fund manager.

2. Lecture Summary: How Fund Managers Identify Growth Companies

1) “Fund management is a wonderful job.”
As the lecturer profile points out, Mr. Fujino has produced outstanding results, suggesting the presence of an inquisitive mind and relentless drive behind his achievements. For example, he says he has met approximately 3,000 business managers, about 300 a year. Averaged out, this means he has traveled to visit a company president every day. More surprisingly, those businessmen represent a variety of industries. During that same period, he witnessed two peaks in the economy, the real estate and IT bubbles, and four downturns, including a recession in securities. Among the managers he met are one who later committed suicide and another who became an unsung hero of the times. By going to meet these people, Mr. Fujino has the opportunity to look beyond the surface of the individual to reach decisions about investment. “Fund management is a wonderful job,” he says, “because it makes it possible to meet many good entrepreneurs and good people and build a human network (beyond national borders).”

2) The Real Role of the Fund Manager
Since fund managers allocate risk money to highly promising companies, he believes their mission involves sharing problems with businessmen, advising them and creating a bright future and rich society through the capital market. He defines the “bright future” as investment products, and makes it a rule to carry himself wisely, courageously and with pride in the equity (direct finance) business. The stock market is a place that supports the growth of unknown sectors through collective wisdom, and investment is the backbone of the equity business. With this philosophy as his base, he believes it is essential to approach investments with “fondness”.

Decisions on investment behavior occur through a series of difficulties, and failing to make a decision results in significant risk. The real role of fund managers is not to be third-party critics but to create corporate value.

3) Investment Activities
It is important in investment activities to be able to discuss with businessmen and capture a picture of the growth of their companies that even they cannot visualize. To that end, it is essential to develop all the senses and to acquire the facility to express oneself clearly through practice and by reading. Moreover, it is critical that a fund manage acquire a sense of balance and touch by accumulating knowledge as an individual. Therefore, Mr. Fujino focuses on reaching out to gain a variety of experience by meeting many people, and makes sure to visit those he wants to see. He defines investment not in terms of performance (management results) but as a “bright future,” and the stock market as “a place to support the growth of unknown sectors.” In this context, since the equity (direct finance) business involves risk, investments must be made with wisdom, courage and pride. Thus, the companies invested in have bright futures.

Mr. Fujino’s considerations for investment activities for a bright future are:
i) to capture the growth image accurately;
ii) to emphasize individual common sense;
iii) to accumulate varied experience by going out to meet many people;
iv) to have his own opinions;
v) to dare to admit his mistakes;
vi) to keep things simple; and
vii) to be generally right rather than precisely wrong.
Specifically with regard to (iii), he has visited over 3,000 presidents, an average of 300 a year. Judging from this practice, it seems that one principle of evaluating a company lies in meeting people to make it possible to see beyond the surface.

4) The Many Hats Mr. Fujino Wears as a Fund Manager
Fund managers seem to wear many hats, among them researcher, scholar, critic, prophet, speculator, investor, advisor and consultant. Mr. Fujino says he dons those of investor and consultant more than the others. He does, however, differ from other fund managers in the following ways:
i) He concentrates thoroughly on the actual settings;
ii) He focuses on long-range rather than short-term results;
iii) He tries to visualize invisible assets;
iv) He places importance on discussions with businessmen;
v) He enjoys himself.
Points (1) through (4) are consistent with the fact that Mr. Fujino has met over 3,000 presidents. Point (5), that he enjoys his business, is very impressive.

5) Criteria for Evaluating True Corporate Value
Mr. Fujino used to focus on physical and financial assets, which are relatively superficial. However, he has shifted his focus to customer and human assets, because he believes that organizational assets that are the sum of the physical, financial, customer and human assets will be regarded as the true corporate value in the future. The organizational assets are superficial, because they do not appear on the books. As previously stated, however, visualizing the invisible aspects creates added value.

6) Mr. Fujino’s Predictions on Values for Companies of Future
Mr. Fujino predicts that the following 10 points will be important for companies in the future:
i) Putting emphasis on value
ii) The added value system
iii) Respect for individuals (Nothing is more important than people.)
iv) The pursuit of intellectual property (invisible assets)
v) Pleasure (The pursuit of excitement)
vi) Professionalism
vii) Trust
viii) A Balance between working life and home life
ix) Perfection
x) Maximum efficiency
Every single one of the points above is becoming indispensable for companies.

7) Corporate Destinies Seen through Interviews with 3,000 Presidents
The destiny of a corporation rests on the character and personality of its president.
Unpromising presidents:
i) spend a great deal of time during interviews talking about past hardships;
ii) do not listen to others;
iii) get angry when asked a question;
iv) have luxurious president’s suites;
v) imply or brag about friendships with famous people;
vi) do not care about the stock price; and
vii) blame poor results on the economic climate or the government.
Promising presidents:
i) are excited when they talk about their companies;
ii) speak in both general and particular terms;
iii) set high ideals;
iv) are able to be aware of holistic harmony; and
v) can instantly grasp the meaning of the phrase “Give gives give.”
These make sense, especially because they come from Mr. Fujino’s interviews with over 3,000 presidents. His insight into people is amazing.

8) How to Tell First Class from Second Class
A notebook reflects whether the bearer is first or second class. It is important to take notes while seeing someone or immediately upon hitting on a good idea. Since there is a celebrity who says that those who always take notes go on to great achievements, Mr. Fujino’s way of recognizing people makes sense. He says a first-class business person writes down a memo within ten seconds.

9) Mr. Fujino’s Dream
Mr. Fujino dreams of:
i) achieving the top spot as creator of entrepreneurs rather than in fund management, and
ii) Drawing up funds from 10% of the1.2 quadrillion yen in personal assets in Japan,.
He is striving to make his dreams come true beyond the boundaries of fund management. Most of us graduate students in the class are confident that if he sets up his own business, he will see considerable success in a short time, and we expect his future to be bright.

 

 

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