Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

Korea’s ₩195tn Ownership Shift: Foreigners Exited, Retail Absorbed — Buybacks Are No Floor Yet

India IPO: The Great Handover -- India's Households Are Buying Out the Foreigners

Hong Kong's IPO Boom Is Becoming an Equity Absorption Problem

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Corporate Japan absorbs ¥20trn of equity in 2026 against ¥10trn the market must clear; on a share-count basis about 2% of market capitalisation is being retired.</li>
<li>Seventeen IPOs raised ¥144bn in 1H26 against ¥16.2trn of buybacks and 128 delistings; insurers' zero-holding targets run to FY2029–30, but disposal pace is slowing.</li>
<li>Post-BoJ hike: overweight cash-funded buyback names and take-private candidates; underweight Growth market, JGB duration and yen cash; neutral yen, hold Japan equities unhedged.</li>
</ul>


Corporate Japan absorbs ¥20trn of equity in 2026 against ¥10trn the market must clear; on a share-count basis about 2% of market capitalisation is being retired.
Seventeen IPOs raised ¥144bn in 1H26 against ¥16.2trn of buybacks and 128 delistings; insurers' zero-holding targets run to FY2029–30, but disposal pace is slowing.
Post-BoJ hike: overweight cash-funded buyback names and take-private candidates; underweight Growth market, JGB duration and yen cash; neutral yen, hold Japan equities unhedged.


Japan Capital Market Is Eating Itself: Buybacks Outrun IPOs 100 to 1, the Buyer Was Ordered to Buy