Japan is not out of the woods yet, so things won't be roses.I...

Japan is not out of the woods yet, so things won't be roses.

I have been looking very closely at Aja, formerly bjt, since 2008. Their performance during the GFC was actually much better than I expected (eg. massive CR, default on loan etc.). The other one was MCW (now known as CQR), which recovered much faster than I thought.

That's the reason that I have confidence in the Aja management. Looking forward, the worst case scenario (except for war or earthquake) is Aja cannot refinance the next loan due, and have to make a fire sale. Assuming no equity returned from the fire sale, aja's NTA will take a significant cut ( won't be 50% though), but the company will survive and still do well in the long term. This is an unlikely scenario, IMHO, based on the fact that Aja has already re-financed a number of loans in the last 18 months. It may have something to do with Lucas' relationships in the japanese business circle. Relationships play a big role in japanese business, that's a cultural difference compared to the western way of doing business.

Good luck to all holders and DYOR.

Snowfree