In the short run, the market is a beauty contest. In the long run, victory goes to those who can win ugly. The contrast is vivid in consumer electronics — an industry often defined by vanity.

Take Casio. At first glance, it does not look pretty. Revenues have nearly halved from the 2008 peak to $3.1bn. Sales in developed markets have collapsed, with the domestic market faring worst: Japan now accounts for a third of the top line, down from half. Japanese consumer electronics companies have fared poorly in general. Casio seems to fit the pattern.

Look again. Since 2008, costs have fallen more than revenues, allowing operating margins to expand by 2 percentage points, to 8 per cent. Net income has doubled. Meanwhile, the success of the company’s selfie cameras and G-Shock watch range have supported Asian revenues. Sales from the region match those from Japan and outstrip America and Europe combined. The share price is at a seven-year high.