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In the 1980s, when Max was in his mid-20s and living in Tokyo, he found great inspiration in Milton Friedman's Free to Choose and Capitalism and Freedom. This prompted a bold decision: he left his job as an auditor, sold his stocks, and with a modest amount of money, moved to America in the late '80s. His goal was clear – to start his own business in America, pursuing the entrepreneurial spirit that Friedman’s works had ignited.

Prior to founding his own buy-side investment firm in 2004, he served 11 years as Vice President at Glenwood Capital, a fund of hedge funds (FoHF) business with $5 billion assets under management (AUM). At Nikko Securities' Managed Fund Group, he was Co-Head for $2 billion AUM, being responsible for planning, designing, marketing, and implementing FoHF strategies.

Prior to 1993, Max worked for Coopers & Lybrand, now part of PricewaterhouseCoopers. He spent a decade there, initially as an Auditor in Japan and later as a Senior Manager in Chicago, in charge of Finance & Real Estate. Among his significant contributions included developing a model for identifying potential accounting irregularities.

Max's solid disciplines gained through 40+ years of experience in the broad financial sector have come with a vast wealth of knowledge in understanding multi-dimensional issues within both liquid and illiquid investments, investment management & operations, due diligence for cross-border investment deals, international tax planning, and forensic accounting. 

Today, while Saratoga tries not to grow too much too soon, rather focusing on investment performance and operations, Saratoga, as a private investor and a fiduciary, manages approximately $320 million in assets, primarily focusing on commercial real estate and hard-money lending businesses. Saratoga provides hands-on and transparent investment management and reporting throughout the entire investment cycle. 


Max built Saratoga on the premise through a solid fiduciary duty and forward-looking, value-driven investment philosophy. The belief that there are meaningful sizable pricing inefficiencies to exploit in thinly traded, illiquid, and informationally inefficient market spaces.

Max is also the founder of Hoshino Foundation, a 501(c)3 charitable foundation. He supports and donates personal funds to Illinois Holocaust Museum and Education Center particularly the Chiune Sugihara Exhibition, as well as The Aspen Institute's Energy and Environment Program.

Embracing the lifestyle of a "digital nomad", Max currently divides his time between Chicago, Aspen, and Tokyo. Outside of businesses, Max is an avid snow skier. He also enjoys live music, reading, cooking, wine & sake-tasting, and traveling.


Harvard University, Cambridge MA; MPA, Finance/Public Policy, 1990

Keio University, Tokyo Japan; BA, Business/Economics, 1979

Licenses & Certifications

CFA (Credential ID: 236996); Member of The CFA Institute, Chicago CFA Society

CPA (Credential ID: 9429); Member JICPA

Illinois Real Estate Broker (Credential ID: IL475.156093)

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