Buffett praises bet in Japanese trading houses, says Berkshire will be 'American-oriented'

seekingalpha05-05

Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) chairman and top boss Warren Buffett on Saturday said he felt "extremely good" about the conglomerate's stake in Japan's five leading trading companies, but...

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Berkshire will be 'American-oriented'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-05 04:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4100035-buffett-praises-bet-in-japanese-trading-houses-says-berkshire-will-be-american-oriented><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) chairman and top boss Warren Buffett on Saturday said he felt \"extremely good\" about the conglomerate's stake in Japan's five leading trading companies, but...</p>\n\n<a href=\"https://seekingalpha.com/news/4100035-buffett-praises-bet-in-japanese-trading-houses-says-berkshire-will-be-american-oriented\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MARUF","symbol_name":"Marubeni 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Buffett was referring to Berkshire's (BRK.A)(BRK.B) announcement in August 2020 of acquiring 5% passive stakes in each of Japan's Itochu (OTCPK:ITOCF)(OTCPK:ITOCY), Marubeni (OTCPK:MARUY)(OTCPK:MARUF), Mitsubishi (OTCPK:MSBHF), Mitsui (OTCPK:MITSY)(OTCPK:MITSF) and Sumitomo (OTCPK:SSUMF)(OTCPK:SSUMY). \"We made the commitment to Japan which I did five years ago and that was just overwhelmingly...compelling, extraordinarily compelling,\" Buffett said at the conglomerate's annual shareholder meeting.  \"We spent a year and we got a few percent of our assets in five very big companies but that's the problem with being our size. You won't find us making a lot of investments outside the United States,\" the famed investor said. \"We will be American-oriented. If we do something really big it's extremely likely that it'll be in the United States,\" he added. The 93-year old businessman said that he was aware of what goes on in most markets around the world. \"But I think it's unlikely that we make any large commitments in almost any country you can name, although we don't rule it out entirely, and I feel extremely good about our Japanese position,\" Buffett said.  The \"Oracle of Omaha\" also brought up two major investments that had been pitched by his late associate and right-hand man Charlie Munger, one of which was Berkshire's (BRK.A)(BRK.B) stake in Chinese electric vehicle maker BYD (OTCPK:BYDDF)(OTCPK:BYDDY). \"Charlie twice pounded the table with me and just said 'buy buy buy' and BYD (OTCPK:BYDDF)(OTCPK:BYDDY) was one of them and Costco (COST) was the other and we bought a certain amount of Costco and bought quite a bit of BYD,\" Buffett said, adding that he \"should have been more aggressive\" in COST.  More on Berkshire Hathaway  Berkshire Hathaway: Inflation And Recession Hedge Berkshire Hathaway Stock Looks Unsustainable Now Berkshire Hathaway: Closing In On A $1 Trillion Market Cap, Still Looks Undervalued Berkshire's Buffett backs successor Greg Abel to be in charge of capital allocation Warren Buffett cautions against role of AI in scamming people","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433003124"}