巴菲特加持，日本“五大商社”股价已经太贵了？

Group 1 - The stock prices of Japanese trading companies are hovering at the highest valuation levels in 20 years, leading to investor hesitation about whether to continue buying into the rally initiated by Warren Buffett's investment five years ago [1][2] - Mitsubishi Corporation's 12-month forward P/E ratio has reached its highest level since 2005, while Itochu Corporation's P/B ratio has hit a peak not seen since 2008 [2] - The surge in valuation levels is closely linked to Buffett's initial disclosure of holdings in Japan's five major trading companies in 2020, with average stock prices of these companies rising by 320% since then, significantly outperforming the Tokyo Stock Exchange index [2] Group 2 - The Japanese trading sector is facing challenges with slowing profit growth, raising concerns among analysts [3] - External factors such as Trump's tariff policies, a strengthening yen, and declining commodity prices are expected to exert pressure on the trading companies' business operations [3] - Despite Buffett's long-term investment commitment providing some support for these stocks, the uncertainty surrounding resource prices, exchange rates, and tariff policies makes it difficult to justify further investments at current high valuation levels [3]