Workflow
综合性企业评价的折扣
icon
Search documents
巴菲特为何长期持有日本商社股份?
21世纪经济报道· 2025-05-11 00:19
Core Viewpoint - Warren Buffett announced at the Berkshire Hathaway annual meeting that he will hold shares in Japan's five major trading companies for the long term, without considering selling them for the next 50 years, which has positively impacted their stock prices [1][2]. Group 1: Investment Perspective - The five major trading companies in Japan, including Itochu, Mitsubishi, Mitsui, Sumitomo, and Marubeni, experienced stock price increases following Buffett's announcement, with Mitsui and Marubeni seeing rises of 6% [1]. - Buffett's investment philosophy, which has been practiced for 60 years, is expected to continue under his successor, Abel, despite concerns about whether the company will maintain its long-term investment strategy [1][2]. - The trading companies have been historically undervalued, with Mitsubishi's PBR at 0.86 in 2019 compared to the Nikkei average of 1.1, indicating a potential for growth as they adapt to changing market conditions [2]. Group 2: Company Resilience and Strategy - Japanese trading companies have evolved through crises, leveraging their international networks to build global competitiveness and maintain profitability, as seen with Mitsubishi's investments in shale oil and data centers [3]. - Marubeni has managed to sustain profits in the power sector and benefit from international LNG trading despite falling resource prices, projecting a market value exceeding 10 trillion yen by 2030 [3][4]. - The companies are increasing shareholder returns through measures like dividend hikes and stock buybacks, which align with Buffett's investment criteria [4]. Group 3: Market Implications - Buffett's long-term commitment to these trading companies is expected to boost investor confidence in the Japanese stock market, potentially marking a turning point for its performance [4]. - There is speculation that other sectors, particularly financial and real estate, may see increased investment interest as a result of Buffett's influence [4]. Group 4: Cautionary Notes - Despite the positive outlook, there are concerns regarding Japan's economic fragility and the reasons behind Buffett's specific focus on these trading companies, as he has been cautious in his investments [5]. - Buffett has expressed regret for not investing more in Japan, indicating a strategic approach that balances optimism with caution, as evidenced by his continued issuance of yen-denominated bonds [5][6].
评论丨巴菲特为何长期持有日本商社股份?
Core Viewpoint - Warren Buffett announced at the Berkshire Hathaway annual meeting that he intends to hold shares in Japan's five major trading companies for the long term, without plans to sell for the next 50 years [1][2]. Group 1: Investment in Japanese Trading Companies - The announcement led to immediate stock price increases for the five major trading companies: Itochu, Mitsubishi, Mitsui, Sumitomo, and Marubeni, with Mitsui and Marubeni seeing a 6% rise [1]. - Buffett's investment philosophy, which has been practiced for 60 years, is expected to be maintained by his successor, Abel, despite concerns about his comparatively smaller stake in Berkshire Hathaway [1][2]. - The five major trading companies have historically been undervalued, with Mitsubishi's PBR at 0.86 in 2019 compared to the Nikkei average of 1.1, but Buffett sees their diverse business models and strong financial foundations as attractive investment opportunities [2]. Group 2: Resilience and Adaptation of Japanese Trading Companies - Japanese trading companies have evolved since the Meiji Restoration, playing a crucial role in Japan's industrialization, but faced significant challenges post-economic boom [3]. - These companies have adapted by leveraging their international networks to build global competitiveness, allowing them to withstand economic fluctuations and maintain profitability [3]. - For instance, Mitsubishi has made significant investments in shale oil and data centers, while Marubeni continues to profit in the energy sector despite falling international resource prices [3]. Group 3: Shareholder Returns and Market Impact - The five major trading companies have been increasing shareholder returns through measures like dividend hikes and stock buybacks, which align with Buffett's investment criteria [4]. - Buffett's long-term commitment to these companies is expected to boost investor confidence in the Japanese stock market, potentially marking a turning point for market sentiment [4]. - There is speculation that this could lead to increased investment interest in Japanese financial and real estate sectors [4]. Group 4: Caution in Investment Strategy - Despite the positive outlook, there are concerns regarding the overall fragility of the Japanese economy and the specific reasons for Buffett's focus on these trading companies [5]. - Berkshire Hathaway has been issuing yen-denominated bonds to finance its investments in Japan, indicating a cautious approach despite the favorable investment returns [5]. - Buffett has expressed regret for not investing more in Japan, highlighting a careful balance between optimism and caution in his investment strategy [5][6].