The Hidden Japanese Conglomerates

On keiretsu — the interlocking Japanese conglomerate structure.

Recommended in an August 2026 conversation alongside Dao Capital; the private meeting note in the wiki holds who recommended it and the context.

Why it’s here

Keiretsu is 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.