Own the "Infrastructure" of Capitalism. Why I Keep Buying High-Yield Mega-Cap Stocks.
Confirming the "Current Position" of Business in a First-Class Space
I recently attended the 20th Annual General Meeting of Shareholders of INPEX Corporation, held at a prestigious hotel in Tokyo.
Placing oneself in a sophisticated hotel environment enhances one's self-image as an investor. I value participating in this "venue" to feel the passion of the company in which I participate as one of the owners, rather than just chasing daily stock charts.
The True Identity of the "National Policy Company"
Supporting Japan's Energy Supply INPEX may not be very familiar to those other than investors, but it is a unique existence for Japan.
- Headquarters: Akasaka, Minato-ku, Tokyo
- Overview: Japan's largest oil development company with interests in oil, natural gas, and other mineral resources both domestically and internationally.
- Special Points: From the perspective of national interest in ensuring energy security, it is the only company in Japan allowed to issue "Golden Shares" and be listed on the Tokyo Stock Exchange simultaneously. The largest shareholder is the Minister of Economy, Trade and Industry, making it a true "national policy company."
- Scale: Market Capitalization: Approx. 5.89 trillion yen (as of March 31, 2026), Number of consolidated employees: 3,531.
This massive organization earns foreign currency worldwide and supports Japan's infrastructure even while we sleep.
Shareholders' Meeting Topics: "Growth and Returns"
Declared by the President What left a particularly strong impression at this meeting was the President’s own words, speaking powerfully about "Growth and Returns."
・Responding to Geopolitical Risks: Regarding concerns about the situation in Iran, there was a calm explanation: "Imports from Abu Dhabi, UAE are only part of the portfolio; the main pillar of earnings is the Ichthys LNG project in Australia. There is no major impact."
・Continuation of Shareholder Returns: The policy of "Progressive Dividends (maintaining or increasing dividends without cutting them)" was reaffirmed. I felt that the stance of respecting shareholders as partners remains unchanged.
・Future Pillars: Steady progress is being made for future growth, such as the commencement of the front-end engineering design (FEED) for the Abadi LNG project in Indonesia.
My Investment Philosophy: Why Buy the "Infrastructure of Capitalism"?
When asked "What should I buy?", my answer is simple: "Buy the infrastructure of capitalism."
I do not touch growth stocks such as trendy AI ventures. I choose "robust mega-cap stocks" like the following:
• Essential Infrastructure: Telecommunications, Trading houses, Mega-banks, and Energy (such as INPEX). Services that people are forced to use even in a recession.
• High Barriers to Entry: "Monopoly or Oligopoly" companies protected by massive capital investment and government permits that a venture company could not possibly compete with starting tomorrow.
• Being No. 1 or No. 2 in the Industry: I emphasize the pricing power and the advantage of securing top-tier talent that only the front-runners possess.
• Market Capitalization of 1 Trillion Yen or More: Stock prices of companies with large market caps generally move calmly. They also tend to have high liquidity. In other words, it is easier to exit even in the worst-case scenario. It is important to think about investment starting from the "exit."
Profits are Decided at the Time of "Buying," Not "Selling"
Reflecting on the investment performance of INPEX shares, the correctness of my investment doctrine is proven.
I decided to purchase when the stock price crashed due to Trump tariffs last year. At that time, it was left at an extremely undervalued level with a PER below 10x and a PBR below 1.0x. As a result, the stock price has more than doubled in the past year. While reliably receiving income gains called "progressive dividends," I am also securing massive capital gains (unrealized profits). Truly, "profits are decided at the time of buying, not selling."
Summary: Nurturing the "Spring of Wealth" as an Owner
Attending a shareholders' meeting is an important ritual to discern whether there are major shifts in the company's management policy. Every year, excellent students join the heavy-industry mega-corporations that support Japan (and the world), expanding the business through friendly competition and earning worldwide. The right to receive a portion of those profits as dividends over the long term. This is the true identity of the "Infinite Spring of Wealth" that I advocate. It may be plain, but owning an infrastructure company that lasts for a long time should bring unwavering "leeway" to your life.
▪Disclaimer
The information provided on this blog is for educational and informational purposes only and does not constitute professional financial or investment advice. We do not provide third-party asset management or individual management services. Please make investment decisions at your own risk.
[Profile]
About the Author Kenji Kamioka
Strategic Media Owner & Asset Holder | President and CEO of Julius Co., Ltd.
A practitioner of "Creative Investment" who transforms real-world experience into digital assets. With over 20 years of management experience, including a decade of corporate leadership across Thailand, Vietnam, and China, he now operates Julius Co., Ltd. His focus lies in proprietary asset management and the development of the "CHITA" AI-character IP. His mission is to empower individuals to reclaim their sovereignty through capitalist philosophy. "Investment is a practical subject—the only way to learn is to move the capital yourself."
AFP (Certified by the Japan Association for Financial Planners), Licensed Real Estate Transaction Specialist
Message from the Author
"No work in life is ever in vain." My over 20 years of corporate leadership and my time stationed across Asia are the nourishment for who I am today. By leveraging the flow of the AI era as an ally, I aim to transform society into something more prosperous and engaging. Julius Co., Ltd. combines a child-like sense of playfulness with the discipline of adult experience to ride the torrent of the AI era.
[My Doctrine of Success (The Laws of the Universe)]
Guiding principles for life and wealth, derived from 11 years in Asia and decades of investing.
- Life is meant to be enjoyed: Don't grind at 100%. Success comes when you operate with 30-40% reserve power.
- Give to receive: Always ensure the other party gains. True success is a "Four-Way Win."
- Bless others' success: Jealousy blocks wealth. Celebrating others brings fortune back to you.
- Adversity is Opportunity: When things go wrong, look closer. That is where the hidden clues for success lie.
- Nothing is wasted: There is no such thing as "working for free." All experiences connect to your future success.
Book
❶『令和のサラリーマンの為のFIREのススメ』(Amazon電子書籍）
❷『FIRE Recommendation for Office Employee』(Amazon Kindle）
