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Berkshire Hathaway Acquired 5 Percent Of Japan's Top Five Trading Companies
The master investor's company, Berkshire Hathaway, in a surprising move acquired 5 percent of each of Japan's top five trading companies.
Yazar: Tom Roberts
Yayınlanma: 31 Ağustos 2020 21:46
Güncellenme: 4 Kasım 2024 04:23
Berkshire Hathaway Acquired 5 Percent Of Japan's Top Five Trading Companies
Buffett, who started making money when he was only six years old, became a $ millionaire at the age of 32, and took the title of his close friend Bill Gates as the richest person in the world for 13 years in 2008, received the nickname "Oracle of Omaha" with his accurate predictions and investments. (Omaha, Buffet’s hometown, a city in the state of Nebraska.) So much so that even the rumor that Buffett will invest in a share causes that share to gain an average of 10 percent in value. The 90-year-old businessman, who is described as an "investment guru", does not seem to trust the USA, his country that has experienced the biggest economic contraction in the last 73 years. The master investor's company, Berkshire Hathaway, in a surprising move acquired 5 percent of each of Japan's top five trading companies. Berkshire; Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co Ltd. and Sumitomo Corp. It spent a total of 6 billion 630 million dollars for its shares.Not A Buffett Style Investment
Regarding this investment, Warren Buffett said, “Japan's five major trading companies have many joint ventures around the world. They'll probably have more. I hope we will encounter opportunities that will be mutually beneficial in the future ”. The fact that 90-year-old Buffet chose Japan for investment has surprised the players in this market, which has not been preferred by big investors for a long time. Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley in Tokyo, commented, “The cheap shares of these companies may have attracted Warren Buffett. Still, investing in five companies is not a Buffett style ”he said.Buffett Effect: Shares Rose Immediately
When Buffett announces an investment, the shares of those companies generally rise rapidly. A similar scenario happened in Japan. Shares of Marubeni and Sumimoto rose more than 9 percent today. Mitsubishi and Mitsui's shares increased by over 7 percent. Itochu, on the other hand, gained 4.2 percent, reaching a record high. According to experts, Itochu is the only stock among the five companies that is traded above its value. It was stated that the under-value shares of the other four companies attracted Buffett. In addition, it was claimed that these companies have plenty of cash in their hands, attracting the attention of the 90-year-old investor. All companies welcomed Warren Buffett's investment decision. Itochu President Masahiro Okafuji said this move will act as a catalyst to boost the industry.İLGİLİ HABERLER
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