Memo on 'How to Read Nikkei' Monday, May 11, 2026
I returned from Turkey Saturday night.
In the meantime, the market kept hitting new highs. What’s going on?
Since I’m still catching up after my trip, I’ll take it slow.
Note: Today, Monday, there is no newspaper publication.
Morning edition, Sunday, May 10, 2026
[Front Page] 'Spring and Autumn'
Referencing the 'retired general' character from Takagi Akimitsu’s mystery novel 'The Informer,' this piece recalls the old stock trading hub of Kabutocho and its blackboard culture. It shares anecdotes about how the trading floor's blackboard conveyed the mood of the market and even brought company presidents down to the first floor, while imagining that human emotions may have intersected during those bustling times, drawing parallels with today’s rising stock prices.
→
Blackboard = Whiteboard (Board)
I joined Daiwa Securities’ Kyoto branch in 1978 (Showa 53). According to a senior colleague at the time, until about seven years prior (around 1970), newcomers used to handwrite stock prices on the board while listening to the radio (internal broadcast from headquarters?).
During my three years at the branch, the second branch manager would occasionally come out of his office to yell at the salespeople. At times, he would even kick his subordinates’ chairs with his foot...
I returned from Turkey Saturday night.
In the meantime, the market kept hitting new highs. What’s going on?
Since I’m still catching up after my trip, I’ll take it slow.
Note: Today, Monday, there is no newspaper publication.
Morning edition, Sunday, May 10, 2026
[Front Page] 'Spring and Autumn'
Referencing the 'retired general' character from Takagi Akimitsu’s mystery novel 'The Informer,' this piece recalls the old stock trading hub of Kabutocho and its blackboard culture. It shares anecdotes about how the trading floor's blackboard conveyed the mood of the market and even brought company presidents down to the first floor, while imagining that human emotions may have intersected during those bustling times, drawing parallels with today’s rising stock prices.
→
Blackboard = Whiteboard (Board)
I joined Daiwa Securities’ Kyoto branch in 1978 (Showa 53). According to a senior colleague at the time, until about seven years prior (around 1970), newcomers used to handwrite stock prices on the board while listening to the radio (internal broadcast from headquarters?).
During my three years at the branch, the second branch manager would occasionally come out of his office to yell at the salespeople. At times, he would even kick his subordinates’ chairs with his foot...
Translated
[Oyaji's Options Dojo: Today's Idea] May 11, 2026
■ Ticker: Anheuser-Busch InBev ADR (BUD) / Consumer Staples ■ Strategy: Selling puts (Riding the defensive rebound wave)
▼ This position (Closed) - Strategy: Selling puts
・Expiration Date: June 18, 2026
・Strike Price: $72.5
・Premium: $6.80 (received)
・Break-even Point: $65.70
・Most recent stock price (May 8): $79.89
・Exit price (May 4): $0.58
▼ Realized profit/loss (As of May 4 exit) - Realized gain (per contract): +$6.22
・Realized gain (total for 2 contracts): +$1,244
・Premium recovery rate: 91.5%
▼ Why this position? On March 23, BUD's stock price was in the $67 range, near its lowest point of the year. Judging from its defensive characteristics as a consumer staple and strong brand power, it was assessed that "a major collapse is unlikely." Therefore, we deliberately sold an in-the-money put (at $72.5)...
■ Ticker: Anheuser-Busch InBev ADR (BUD) / Consumer Staples ■ Strategy: Selling puts (Riding the defensive rebound wave)
▼ This position (Closed) - Strategy: Selling puts
・Expiration Date: June 18, 2026
・Strike Price: $72.5
・Premium: $6.80 (received)
・Break-even Point: $65.70
・Most recent stock price (May 8): $79.89
・Exit price (May 4): $0.58
▼ Realized profit/loss (As of May 4 exit) - Realized gain (per contract): +$6.22
・Realized gain (total for 2 contracts): +$1,244
・Premium recovery rate: 91.5%
▼ Why this position? On March 23, BUD's stock price was in the $67 range, near its lowest point of the year. Judging from its defensive characteristics as a consumer staple and strong brand power, it was assessed that "a major collapse is unlikely." Therefore, we deliberately sold an in-the-money put (at $72.5)...
Translated
![[Oyaji's Options Dojo: Today's Idea] May 11, 2026 ■ Ticker: Anheuser-Busch InBev ADR (BUD) / Consumer Staples](https://sgsnsimg.moomoo.com/sns_client_feed/184108761/20260511/web-1778453979284-mKdaoSsqTl.png/thumb?area=105&is_public=true)
Key highlights of 'Barron's Digest'
May 9, 2026
The top story, 'Cover Story,' reports on the current state of the airline industry, where low-cost carriers are facing extinction. Spirit Airlines, a low-cost carrier, ceased operations due to rising costs, including fuel expenses. Meanwhile, major airlines like Delta Air Lines <DAL> and United Airlines <UAL>, which could be described as survivors, are transforming into strong performers that have outperformed the S&P 500 index over the past three years. The airline industry is undergoing restructuring, making it worth keeping an eye on, including undervalued stocks such as American Airlines <AAL>.
$Delta Air Lines (DAL.US)$
$United Airlines (UAL.US)$
$S&P 500 Index (.SPX.US)$
$American Airlines (AAL.US)$
The third feature discusses the growing use of Employee Stock Purchase Plans (ESPP) in the US. Currently, 57% of publicly traded companies offer this plan, and some employees, like those at NVIDIA <NVDA>, have become millionaires through stock-based compensation. However, there is also the risk of a sharp drop in company shares, as seen with the former GE. While ESPPs can be a good entry point for investment, expert opinion suggests limiting these holdings to no more than 10% of your portfolio.
May 9, 2026
The top story, 'Cover Story,' reports on the current state of the airline industry, where low-cost carriers are facing extinction. Spirit Airlines, a low-cost carrier, ceased operations due to rising costs, including fuel expenses. Meanwhile, major airlines like Delta Air Lines <DAL> and United Airlines <UAL>, which could be described as survivors, are transforming into strong performers that have outperformed the S&P 500 index over the past three years. The airline industry is undergoing restructuring, making it worth keeping an eye on, including undervalued stocks such as American Airlines <AAL>.
$Delta Air Lines (DAL.US)$
$United Airlines (UAL.US)$
$S&P 500 Index (.SPX.US)$
$American Airlines (AAL.US)$
The third feature discusses the growing use of Employee Stock Purchase Plans (ESPP) in the US. Currently, 57% of publicly traded companies offer this plan, and some employees, like those at NVIDIA <NVDA>, have become millionaires through stock-based compensation. However, there is also the risk of a sharp drop in company shares, as seen with the former GE. While ESPPs can be a good entry point for investment, expert opinion suggests limiting these holdings to no more than 10% of your portfolio.
Translated
5
Key highlights of 'Barron's Digest'
May 3, 2026
The first “Cover Story” is an article outlining the current status and outlook of Citigroup <C>, which is undergoing restructuring under CEO Jane Fraser. Since the 2008 financial crisis, the company has struggled, but it has now been reorganized into five business divisions: services, markets, banking, wealth management, and U.S. consumer cards. In particular, its multinational corporate services division has become a key revenue driver. Although the stock price has surged 85% over the past year, the crucial factor going forward will be how much they can improve inefficiencies in areas like wealth management. Japanese retail investors don’t need to jump on this immediately; first, read the full article and conduct research. $Citigroup (C.US)$
$JPMorgan (JPM.US)$
$Bank of America (BAC.US)$
The second article, 'Feature,' reports that Rick Rieder of BlackRock highly regards Chris Waller, the nominee for the next Fed Chair. Both anticipate that the introduction of AI will boost productivity and lower the inflation rate, enabling interest rate cuts. Rieder...
May 3, 2026
The first “Cover Story” is an article outlining the current status and outlook of Citigroup <C>, which is undergoing restructuring under CEO Jane Fraser. Since the 2008 financial crisis, the company has struggled, but it has now been reorganized into five business divisions: services, markets, banking, wealth management, and U.S. consumer cards. In particular, its multinational corporate services division has become a key revenue driver. Although the stock price has surged 85% over the past year, the crucial factor going forward will be how much they can improve inefficiencies in areas like wealth management. Japanese retail investors don’t need to jump on this immediately; first, read the full article and conduct research. $Citigroup (C.US)$
$JPMorgan (JPM.US)$
$Bank of America (BAC.US)$
The second article, 'Feature,' reports that Rick Rieder of BlackRock highly regards Chris Waller, the nominee for the next Fed Chair. Both anticipate that the introduction of AI will boost productivity and lower the inflation rate, enabling interest rate cuts. Rieder...
Translated
3
[Dad's Options Dojo: Today's Idea] May 1, 2026
■ Ticker: Robinhood (HOOD) / Finance ■ Strategy: Closing a put option position
▼ Expiration date for this closing: July 17, 2026
・Strike Price: $70.0
・Premium: $10.00 (received)
・Break-even Point: $60.00
・Most recent stock price (April 30): $72.89
・Closing price (April 29): $7.40
▼ Realized profit/loss (as of April 29)
・Realized gain per contract: $260.00
・Total realized gain (1 contract): $260.00
・Profit Margin (Premium Comparison): 26.00%
▼ Why did I close this position? On April 29, there was a stock (GEHC) that got hit hard by an earnings report, so I closed several profitable positions to maintain my mental state. This HOOD was one of them. The recent earnings announcement for this HOOD also came in below expectations and the stock price plummeted. However, since it remained above the strike price, I still had profits. At the time...
■ Ticker: Robinhood (HOOD) / Finance ■ Strategy: Closing a put option position
▼ Expiration date for this closing: July 17, 2026
・Strike Price: $70.0
・Premium: $10.00 (received)
・Break-even Point: $60.00
・Most recent stock price (April 30): $72.89
・Closing price (April 29): $7.40
▼ Realized profit/loss (as of April 29)
・Realized gain per contract: $260.00
・Total realized gain (1 contract): $260.00
・Profit Margin (Premium Comparison): 26.00%
▼ Why did I close this position? On April 29, there was a stock (GEHC) that got hit hard by an earnings report, so I closed several profitable positions to maintain my mental state. This HOOD was one of them. The recent earnings announcement for this HOOD also came in below expectations and the stock price plummeted. However, since it remained above the strike price, I still had profits. At the time...
Translated
![[Dad's Options Dojo: Today's Idea] May 1, 2026 ■ Ticker: Robinhood (HOOD)](https://sgsnsimg.moomoo.com/sns_client_feed/184108761/20260501/web-1777615679027-S18dfld11y.png/thumb?area=105&is_public=true)
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Memo on 'How to Read Nikkei' Thursday, April 30, 2026
Morning edition, Thursday, April 30, 2026
Page 2
‘Governance Reform at a Crossroads for Investment Promotion’
FSA and TSE Present New Revised Guidelines: Divide Between Companies and Investors Over Cash Utilization
Amid the backdrop of governance reform contributing to the Nikkei Average reaching 60,000 yen, the Financial Services Agency (FSA) and Tokyo Stock Exchange (TSE) have proposed revised guidelines for the first time in five years. The aim is to direct corporate cash holdings toward growth investments by emphasizing principles and promoting ‘offensive governance.’ However, a significant divide exists, as companies tend to underestimate their cash reserves while investors see them as excessive. There are also concerns over the hastiness of discussions, with improving the quality of outside directors and strengthening dialogue seen as key to reform. Asian countries are closely watching Japan's moves.
→
* Japanese firms strongly prefer holding cash, with cash and deposits making up about 16% of total assets—nearly double that of Europe and the US.
* Outside Directors: - Since the introduction of the Governance Code, Japan has prioritized increasing the number and ratio of outside directors, but now the focus is shifting to enhancing their quality.
Reading this article makes me feel frustrated. How conservative can they get?
Do you think that going forward, the reforms will make Japanese stocks more promising? Or do you believe that Japanese stocks should not be overly trusted because of this...
Morning edition, Thursday, April 30, 2026
Page 2
‘Governance Reform at a Crossroads for Investment Promotion’
FSA and TSE Present New Revised Guidelines: Divide Between Companies and Investors Over Cash Utilization
Amid the backdrop of governance reform contributing to the Nikkei Average reaching 60,000 yen, the Financial Services Agency (FSA) and Tokyo Stock Exchange (TSE) have proposed revised guidelines for the first time in five years. The aim is to direct corporate cash holdings toward growth investments by emphasizing principles and promoting ‘offensive governance.’ However, a significant divide exists, as companies tend to underestimate their cash reserves while investors see them as excessive. There are also concerns over the hastiness of discussions, with improving the quality of outside directors and strengthening dialogue seen as key to reform. Asian countries are closely watching Japan's moves.
→
* Japanese firms strongly prefer holding cash, with cash and deposits making up about 16% of total assets—nearly double that of Europe and the US.
* Outside Directors: - Since the introduction of the Governance Code, Japan has prioritized increasing the number and ratio of outside directors, but now the focus is shifting to enhancing their quality.
Reading this article makes me feel frustrated. How conservative can they get?
Do you think that going forward, the reforms will make Japanese stocks more promising? Or do you believe that Japanese stocks should not be overly trusted because of this...
Translated
2
[Oyaji's Options Dojo: Today's Idea] April 30, 2026
■ Stock: Danaher (DHR) / Life Sciences & Diagnostics ■ Strategy: Selling puts (exit upon breaking the lower support line)
▼ Today’s Position - Expiration Date: June 18, 2026
・Strike Price: $185.0
・Premium: $6.10 (received)
・Break-even point: $178.90
・Recent stock price (April 29): $178.80
・Closing stock price (April 22): $184.04, previous day's closing price on the 21st: $194.54
・Option market price (April 22): $12.23
▼ Market valuation as of April 22 ・Unrealized loss (per contract): -$613.00
・Unrealized gains (total, 3 contracts): -$1,839.00
・Profit margin (vs. premium): -100.5%
▼ Why this position? Danaher (DHR) is a high-quality compound growth stock that holds key infrastructure in medical and biotech research, and I initiated a put-selling strategy expecting long-term growth. However, the recent Q1 earnings report...
■ Stock: Danaher (DHR) / Life Sciences & Diagnostics ■ Strategy: Selling puts (exit upon breaking the lower support line)
▼ Today’s Position - Expiration Date: June 18, 2026
・Strike Price: $185.0
・Premium: $6.10 (received)
・Break-even point: $178.90
・Recent stock price (April 29): $178.80
・Closing stock price (April 22): $184.04, previous day's closing price on the 21st: $194.54
・Option market price (April 22): $12.23
▼ Market valuation as of April 22 ・Unrealized loss (per contract): -$613.00
・Unrealized gains (total, 3 contracts): -$1,839.00
・Profit margin (vs. premium): -100.5%
▼ Why this position? Danaher (DHR) is a high-quality compound growth stock that holds key infrastructure in medical and biotech research, and I initiated a put-selling strategy expecting long-term growth. However, the recent Q1 earnings report...
Translated
![[Oyaji's Options Dojo: Today's Idea] April 30, 2026 ■ Stock: Danaher (DHR) / Life Sciences & Diagnostics](https://sgsnsimg.moomoo.com/sns_client_feed/184108761/20260430/web-1777510872482-ogOGFySpLQ.png/thumb?area=105&is_public=true)
Memo on 'How to Read Nikkei' - Wednesday, April 29, 2026
Since today is a holiday, things are moving a bit slower.
By the way, in this morning's front-page book advertisement in the newspaper: 'The Collapse of the US Stock Myth: The Counterattack of Japanese Stocks' by Yosuke Hamabe
The author, Yosuke Hamabe, is a lawyer. The title is provocative and eye-catching. Maybe I'll check it out at the bookstore?
However, when people say 'The US is no good, and Japan is its replacement,' I think they're mistaken.
Evening edition - Tuesday, April 28, 2026
Skip
Morning edition - Wednesday, April 29, 2026
[Front Page] 'Mid-career hires exceed 50% for the first time in FY 2026; Increase in communication and electronics sectors - Nikkei survey shows “AI-driven reduction in new graduate hiring” to drop by 8% next fiscal year.'
In the Nikkei newspaper’s recruitment plan survey, the ratio of mid-career hires in FY 2026 plans reached 50.3%, surpassing half for the first time since the survey began. There was a notable increase in the communications and electronics industries, with over 80% of companies citing securing experienced workers as a reason. More firms also indicated an intention to reduce new graduate hiring due to AI-driven operational changes, signaling that Japan’s long-standing hiring practices may be reaching a turning point.
→Finally, we've arrived at this point! Wasn’t the idea of 'Employment = Lifetime commitment to a company' only true for large firms in our era? Still...
Since today is a holiday, things are moving a bit slower.
By the way, in this morning's front-page book advertisement in the newspaper: 'The Collapse of the US Stock Myth: The Counterattack of Japanese Stocks' by Yosuke Hamabe
The author, Yosuke Hamabe, is a lawyer. The title is provocative and eye-catching. Maybe I'll check it out at the bookstore?
However, when people say 'The US is no good, and Japan is its replacement,' I think they're mistaken.
Evening edition - Tuesday, April 28, 2026
Skip
Morning edition - Wednesday, April 29, 2026
[Front Page] 'Mid-career hires exceed 50% for the first time in FY 2026; Increase in communication and electronics sectors - Nikkei survey shows “AI-driven reduction in new graduate hiring” to drop by 8% next fiscal year.'
In the Nikkei newspaper’s recruitment plan survey, the ratio of mid-career hires in FY 2026 plans reached 50.3%, surpassing half for the first time since the survey began. There was a notable increase in the communications and electronics industries, with over 80% of companies citing securing experienced workers as a reason. More firms also indicated an intention to reduce new graduate hiring due to AI-driven operational changes, signaling that Japan’s long-standing hiring practices may be reaching a turning point.
→Finally, we've arrived at this point! Wasn’t the idea of 'Employment = Lifetime commitment to a company' only true for large firms in our era? Still...
Translated
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[Dad's Options Dojo: Today's Idea] April 29, 2026
■ Ticker: Toast (TOST) / All-in-one SaaS + Payment Platform for Restaurants ■ Strategy: Selling puts (targeting pullbacks in high-growth fintech)
▼ Today’s Position/Strategy: Selling puts
・Expiration Date: June 18, 2026
・Strike Price: $27.0
・Premium: $1.90 (received)
・Break-even Point: $25.10
・Recent Stock Price (April 28): $28.99
・Option Market Price (April 28): $1.81
▼ Market Valuation as of April 28 ・Unrealized Gain (per contract): $9
・Unrealized profit (total, 6 contracts): $54
・Profit margin (vs. premium): 4.7%
▼ Why this position? Toast (TOST) is a SaaS platform that provides an end-to-end solution for restaurants, including POS, payment processing, and inventory management. While maintaining a high growth rate, the company is expected to generate strong free cash flow by 2025–2026...
■ Ticker: Toast (TOST) / All-in-one SaaS + Payment Platform for Restaurants ■ Strategy: Selling puts (targeting pullbacks in high-growth fintech)
▼ Today’s Position/Strategy: Selling puts
・Expiration Date: June 18, 2026
・Strike Price: $27.0
・Premium: $1.90 (received)
・Break-even Point: $25.10
・Recent Stock Price (April 28): $28.99
・Option Market Price (April 28): $1.81
▼ Market Valuation as of April 28 ・Unrealized Gain (per contract): $9
・Unrealized profit (total, 6 contracts): $54
・Profit margin (vs. premium): 4.7%
▼ Why this position? Toast (TOST) is a SaaS platform that provides an end-to-end solution for restaurants, including POS, payment processing, and inventory management. While maintaining a high growth rate, the company is expected to generate strong free cash flow by 2025–2026...
Translated
![[Dad's Options Dojo: Today's Idea] April 29, 2026 ■ Ticker: Toast (TOST) / All-in-one SaaS + Payment Platform for Restaurants](https://sgsnsimg.moomoo.com/sns_client_feed/184108761/20260429/web-1777416790474-ni1TlIqAL5.png/thumb?area=105&is_public=true)
Memo on 'How to Read Nikkei' Tuesday, April 28, 2026
Evening Edition, Monday, April 27, 2026
[Page 3]
“The Republican Party Is the Trump Party” Continues: Interview with US Lobbyists - Japanese Companies Have an Opportunity to Strengthen Ties
An interview with Chess McDowell, head of the emerging lobbying firm Checkmate Government Relations, which is close to the Trump administration. Despite public opposition to attacks on Iran and low approval ratings, the Republican Party remains deeply aligned with Trump, making the outcome of the November midterm elections unpredictable. McDowell argues that this presents an opportunity for Japanese companies to strengthen their lobbying efforts in the US.
→ Isn’t the president of ‘Checkmate Government Relations’ being overly optimistic?
This company was featured in a February 17, 2026, Nikkei article titled 'US Lobbyist Upheaval: Winners Earn 300 Times More - Who Is Closest to Trump?'
Washington Bureau Chief Takashi Kawanami also covered this topic.
The article at that time mentioned,
“Trump’s eldest son and hunting buddy,
All the winners maintain close ties to the Trump administration. Chess McDowell, who leads Checkmate, is a hunting buddy of Donald Trump Jr., the eldest son of President Trump.
Inside the company, there was Corey Lewandowski, who had been Trump's campaign manager...
Evening Edition, Monday, April 27, 2026
[Page 3]
“The Republican Party Is the Trump Party” Continues: Interview with US Lobbyists - Japanese Companies Have an Opportunity to Strengthen Ties
An interview with Chess McDowell, head of the emerging lobbying firm Checkmate Government Relations, which is close to the Trump administration. Despite public opposition to attacks on Iran and low approval ratings, the Republican Party remains deeply aligned with Trump, making the outcome of the November midterm elections unpredictable. McDowell argues that this presents an opportunity for Japanese companies to strengthen their lobbying efforts in the US.
→ Isn’t the president of ‘Checkmate Government Relations’ being overly optimistic?
This company was featured in a February 17, 2026, Nikkei article titled 'US Lobbyist Upheaval: Winners Earn 300 Times More - Who Is Closest to Trump?'
Washington Bureau Chief Takashi Kawanami also covered this topic.
The article at that time mentioned,
“Trump’s eldest son and hunting buddy,
All the winners maintain close ties to the Trump administration. Chess McDowell, who leads Checkmate, is a hunting buddy of Donald Trump Jr., the eldest son of President Trump.
Inside the company, there was Corey Lewandowski, who had been Trump's campaign manager...
Translated
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