巴菲特加持也嫌贵？日本商社股涨至“天价” 投资者畏高怯步

Group 1 - The valuation of certain Japanese trading companies is at its highest level in 20 years, driven by Warren Buffett's investment five years ago, leading to a dilemma for investors on whether to chase further gains or hold back due to high valuations [1][4] - Mitsubishi Corporation's 12-month expected P/E ratio has reached its highest level since at least 2005, while Itochu Corporation's P/B ratio has hit a peak not seen since 2008, indicating a significant increase in valuations across major trading companies [1][4] - Analysts suggest that the current valuation levels do not present an opportune time for substantial purchases of trading company stocks, with some investors expressing hesitation to increase positions at these elevated price levels [1][4] Group 2 - Since Berkshire Hathaway first disclosed its holdings in Japan's five major trading companies in 2020, the average stock price increase has reached 320%, significantly outperforming the Tokyo Stock Exchange index [4] - Despite the high valuations, some trading companies still present investment opportunities, such as Sumitomo Corporation, whose expected P/E ratio has decreased from 59 times in 2020 to 8.9 times currently, indicating potential for investment [4] - The outlook for the trading sector remains pressured by slowing profit growth, with concerns over U.S. tariff policies potentially impacting export profits, as well as risks from a stronger yen and declining commodity prices [4][5] Group 3 - Buffett's continued investment in trading companies signals a long-term commitment, providing some downward support for stock prices, but uncertainties regarding resource prices, exchange rates, and tariff policies complicate the rationale for further investments at current high price levels [5]