Warren Buffett presses ahead with his big bet on Japan, upping his stakes in 5 trading houses
The five Japanese companies owned by Berkshire are known as"sogo shosha" – or general trading houses – and tend to serve as intermediaries for a wide range of products including materials and food.
Buffett intends to hold the stocks for the long-term and eventually up his stakes to a maximum of 9.9%. At Berkshire's annual meeting in May, the billionaire investor said the five Japanese companies were"ridiculously" cheap, had a long-term focus, and were big enough to have a material impact on the conglomerate's earnings.
Tokyo has also been pushing for the country's listed companies to return more money to investors, likely boosting their appeal to Buffett.
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