The Hidden Japanese Conglomerates

Why it’s on the list: Kenichi Miyashita and David W. Russell on keiretsu, the interlocking Japanese conglomerate structure — one of the few durable historical templates for a small capital-allocating center sitting over semi-autonomous operating businesses, held together by relationships and cross-ownership rather than a single balance sheet.

Where I heard about it

• A conversation — recommended in an August 2026 conversation, alongside Dao Capital.