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战斗力 鹅
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注册时间 2023-4-2
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巴菲特的BRK年报披露里五大商社的持股甚至还增持了，不知道大家在脑补啥，穿越到未来看到2024一季报了吗？
https://www.berkshirehathaway.com/2023ar/2023ar.pdf
Additionally, Berkshire continues to hold its passive and long-term interest in five very
large Japanese companies, each of which operates in a highly-diversified manner somewhat similar
to the way Berkshire itself is run. We increased our holdings in all five last year after Greg Abel
and I made a trip to Tokyo to talk with their managements.
Berkshire now owns about 9% of each of the five. (A minor point: Japanese companies
calculate outstanding shares in a manner different from the practice in the U.S.) Berkshire has also
pledged to each company that it will not purchase shares that will take our holdings beyond 9.9%.
Our cost for the five totals ¥1.6 trillion, and the yearend market value of the five was ¥2.9 trillion.
However, the yen has weakened in recent years and our yearend unrealized gain in dollars was
61% or $8 billion.
Neither Greg nor I believe we can forecast market prices of major currencies. We also don’t
believe we can hire anyone with this ability. Therefore, Berkshire has financed most of its Japanese
position with the proceeds from ¥1.3 trillion of bonds. This debt has been very well-received in
Japan, and I believe Berkshire has more yen-denominated debt outstanding than any other
American company. The weakened yen has produced a yearend gain for Berkshire of $1.9 billion,
a sum that, pursuant to GAAP rules, has periodically been recognized in income over the
2020-23 period.
In certain important ways, all five companies – Itochu, Marubeni, Mitsubishi, Mitsui and
Sumitomo – follow shareholder-friendly policies that are much superior to those customarily
practiced in the U.S. Since we began our Japanese purchases, each of the five has reduced the
number of its outstanding shares at attractive prices.
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楼主: 主人ハム子
发表于 2024-3-4 20:46
开年真的是鸡飞狗跳啊，什么都在炒了
日经的现在，就是30年后的大A，两国的发展路径是一样的。
日本被收割几乎是板上钉钉的事情，最快六月前见分晓。
