Phil Clifton, founder of Pomerium Capital Management LLC and a protege of Michael Burry, said in a Sept. 29 investor letter that his August visits to South Korea and Japan—during which he met about 20 companies—left him “especially wary” of management incentive structures in the South Korean market. He wrote that while many Korean firms show healthy margins and steady growth and the market can appear like a “capitalist paradise,” misalignments between management and minority shareholders mean di

Phil Clifton, founder of Pomerium Capital Management LLC and a protege of Michael Burry, said in a Sept. 29 investor letter that his August visits to South Korea and Japan—during which he met about 20 companies—left him “especially wary” of management incentive structures in the South Korean market. He wrote that while many Korean firms show healthy margins and steady growth and the market can appear like a “capitalist paradise,” misalignments between management and minority shareholders mean discounts to global peers often cannot be captured, particularly at firms where founding families retain significant control.