What we said on September 4, 2012:

Digital Garage full presentation

Digital Garage trades at a 22% discount to its publicly traded stake in Kakaku (2371:JP), which is a fast-growing business at a fair price. The market ascribes a negative value to DG’s Twitter stake, which we believe to be worth as much as $160 million, and its Veritrans payment unit. The stock could double and it would still be cheap.

What happened: From our initial purchase price of ¥125,000, Digital Garage shares rose to ¥600,000 as investors began to anticipate Twitter's IPO.