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“If you believe everything you read, do not read” – Japanese proverb.

This week I took a deep dive into the financials of K Line, a sizeable shipping company that operates in Japan and Asia, but also boasts some meaningful exposure to the US and European markets. I was impressed by some of the statements I read – less so by certain figures and projections.

As it says in its 2015 annual reports, the group has made a continuous effort to ...

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