Billionaire investors like Dan Loeb may be heroes on Wall Street, but Toyota Motor Corp. would prefer more people like Hisashi Nakanishi.
The 77-year-old Japanese retiree plans to invest in an unusual new stock from the carmaker that hedge funds are unlikely to touch. The Model AA shares, named after Toyota's first car, lock up investors' money for five years in exchange for interest payments no higher than 2.5 percent.
Nakanishi is a sign of support for Toyota President Akio Toyoda's effort to attract investors who will stick around for the long term. The automaker has said institutional investors are unlikely to buy the shares because they cannot be traded for half a decade. Rather, it is seeking buy-and-hold individuals who like the Model AA's protection against any loss of principal and the opportunity to benefit if Toyota's common shares rise.
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