August 31, 2020. $BRK sent out a release that left its many U.S.-focused watchers curious:
Berkshire disclosed having 5+% stakes in all five of #Japan's "big five" general trading houses (Sogo Shosha) after purchasing over 12 months in Tokyo Stock Exchange
From 1992, following the slow depletion of Japan's 80s bubble, these Sogo Shosha stocks produced a mere 3% per year in mean/median annual total returns (CAGR, JPY) up until $BRK:s disclosure.
But, as we say in #valueinvesting "price is what you pay"...
3 Do we trust people presenting “valuation” to know what they don't know?
(Hint: “my-laser-eyed-golden-skin-ape-pic-is-worth-at-least-twice-your-diamond-skin-ape-pic” = relative pricing. Not valuation)