Buffett's bet sparks surge in Japan trading house shares [Fortune]
MARUBENI CORP UNSP/ADR (MARUY)
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Source: Fortune
Mitsubishi rose as much as 8.6%, while Marubeni added almost 8% as of 10 a.m. Tokyo time. Mitsui & Co., Itochu Corp. and Sumitomo Corp. also had strong gains. The broader Topix index slid 0.4%. Warren Buffett's conglomerate said in that it had invested in Japan's five largest trading houses. Berkshire originally agreed to keep its holdings at the companies below 10%, but the trading houses have agreed to relax the ceiling “moderately,” Buffett said in his annual investor letter dated Feb. 22. “Trading houses are trading at well below their peak now, so Buffett probably sees this as a chance to buy more,” said Norikazu Shimizu, an analyst at IwaiCosmo Securities Co. “With Trump's presidency and lots of changes to tariff policies, the market is uncertain, but trading houses are involved in a wide range of business, so Buffett likely sees them as a safe bet.” The trading houses—which run businesses spanning overseas oil and gas production to salmon farming and TV shopping —and hav
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