The five lenses

“franchise & margin of safety”

1. –Fuji Media Holdings: watch
2. –Kobayashi Pharmaceutical: watch
3. –Workman Co., Ltd.: watch

“invert; avoid the folly”

1. ✗Fuji Media Holdings: pass
2. –Kobayashi Pharmaceutical: watch
3. –Workman Co., Ltd.: watch

“heads I win, tails I don’t lose much”

1. ✗Fuji Media Holdings: pass
2. –Kobayashi Pharmaceutical: watch
3. ?Workman Co., Ltd.: too hard

“can I know the next decade?”

1. ?Fuji Media Holdings: too hard
2. –Kobayashi Pharmaceutical: watch
3. –Workman Co., Ltd.: watch

“compute it, don’t argue it”

1. –Fuji Media Holdings: watch
2. ✗Kobayashi Pharmaceutical: pass
3. –Workman Co., Ltd.: watch