"They have a lot to learn about investor relations." The fund manager declined to disclose whether he is selling his remaining stake in Hikari Tsushin, which is about 6% of his portfolio. A series of investment-relations bungles have cost Hikari dearly. In mid-March, just as the shares started to stumble, Shigeta assured investors that business plans and profits were cruising along just fine. Two weeks later, the firm said it would have a half-year loss of 13 billion yen. On Monday, Hikari disclosed that it had paid back loans totaling 48.5 billion yen to three banks ahead of schedule to prove it had an ample cash flow. The firm, however, also said the loan repayment was possible only after a private firm -- which Shigeta owns a stake in -- extended Hikari a 25 billion yen loan. It's little surprise that investors can't concentrate on some of Hikari's good points.