🏆 NTT JAPAN RUGBY LEAGUE ONE 2025-26 AWARDS: BEST FIFTEEN ✨ FORWARDS 👊 PR Craig Miller HO Malcolm Marx PR Opeti Helu LO Brodie Retallick LO Harry Hockings FL Ardie Savea FL Teinan Costley No.8 Masi Faulua BACKS ⚡️ SH TJ Perenara SO Takuya Yamasawa WTB Mark Tele’a WTB Koki Takeyama CTB Tali Ioasa CTB Anton Lienert-Brown FB Cheslin Kolbe Some of the biggest names in world rugby 👏 #nttleagueone#

"Anyone who tells you to follow your passion is already rich." Scott Galloway on why "follow your passion" is bad advice: "Find something you're good at, and get amazing at it. Become a ninja-like master, and then the accoutrements of mastery, economic relevance, camaraderie, prestige, a larger selection set of mates than you deserve, will make you passionate about whatever that thing is." "No 8-year old thinks, 'I wanna grow up to be a tax lawyer.' The best tax lawyers fly private, get invited to interesting conferences, marry people more interesting and hotter than them, which makes them passionate about tax law." "People, especially young people, mistake hobbies for their passions. Be a baller in an industry that has a 90 plus percent employment rate, and then do what I do." "Find your talent. Find your talent. That's your job."

14,641,148 shares of Taiyo Yuden (TSE: 6976) changed hands on 3 August. 10.8 percent of the company, in one day. Nobody who received them has to file anything. A correction before the rest. On 12 August I wrote that a Japanese large shareholding report does not name the counterparty. That was wrong. The 60 day table has a column for it, and Situational Awareness has now filed that detail. Five names took the block. Citadel Multi-Strategy Equities Master Fund, 3,335,335 and 1,287,985 shares at 9,397 yen Jane Street Financial, 1,882,020 at 10,225 JP Morgan Securities, 4,135,808 at 10,225 Barclays Bank, 4,000,000 at 10,225 Now count the slices. 3.05, 2.95, 2.46, 1.38, 0.94. Japan's disclosure threshold is 5 percent. Not one of them crosses it. And the seller finished that day at 4.41 percent, down from a peak of 16.61 on 21 July. That is also below 5. So both sides of the trade are now invisible. The fund has dropped under the line it was reporting from. The five who took the stock never crossed it. One more thing in the table. Two prices. Citadel paid 9,397 yen. The other three paid 10,225. Same day, same stock, 828 yen apart. The filing does not say why, so neither will I. And the selling started before the story did. 185,200 shares on 28 July, in the market. 1,700,000 on 30 July. The margin call reporting came on the 29th and 30th. What I still cannot tell you: three of those five are dealer entities. Where the stock went after them is not in any document I can read. Sources, in order: Situational Awareness LP, large shareholding reports on Taiyo Yuden, initial filing through change report No.8, EDINET. The 10.8 percent and the 9,963 yen weighted average are my arithmetic from that 60 day table, and the read is mine too. Not advice.