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Buffett's Lucrative Bet on Japan: What Investors Can Learn from His Success

Buffett's Lucrative Bet on Japan: What Investors Can Learn from His Success

巴菲特對日本的利潤豐厚押注:投資者可以從他的成功中學到什麼
moomoo資訊 ·  04/10 06:22

On April 9th, Berkshire Hathaway signaled its intent to issue yen-denominated bonds for the first time following the Bank of Japan's rate hike, with Daiwa Securities strategist Atsuko Ishitoya suggesting that this could lead to further investments in Japanese trading firms.

4月9日,伯克希爾·哈撒韋公司表示打算在日本銀行加息後首次發行日元計價的債券,大和證券策略師石戶屋敦子表示,這可能會導致對日本貿易公司的進一步投資。

Nomura Securities analyst Kazuma Ogino noted that Berkshire's consistent bond issuances, surpassing 100 billion yen, demonstrate its broad appeal to investors. This trend persisted as the announcement of the new bonds coincided with a boost in share prices for the five trading houses favored by Buffett—namely Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo.

野村證券分析師荻野和真指出,伯克希爾持續發行超過1000億日元的債券,顯示出其對投資者的廣泛吸引力。這種趨勢持續存在,因爲新債券的宣佈恰逢巴菲特青睞的五家貿易公司的股價上漲,即伊藤忠商事、丸紅、三菱、三井和住友。

From January 1, 2023, to April 10, 2024, Japan's five major trading firms have demonstrated outstanding performance in the stock market. Leading the pack, $Mitsubishi (8058.JP)$ witnessed a striking surge of 150.68% in its share price, outpacing the gains of its peers and significantly exceeding the $OSE Nikkei 225 Futures(JUN4) (NK225main.JP)$'s increase of 51.69% during the same period. $Mitsui (8031.JP)$ also showed remarkable growth with a 90.27% rise, followed by $Marubeni (8002.JP)$at 75.74%, $Sumitomo (8053.JP)$ at 73.36%, and $ITOCHU (8001.JP)$ at 64.40%.

從2023年1月1日到2024年4月10日,日本五大貿易公司在股票市場上表現出出色。處於領先地位, $三菱商事 (8058.JP)$ 其股價驚人地飆升了150.68%,超過了同行的漲幅,並大大超過了股價 $大阪日經指數主連(2406) (NK225main.JP)$同期增長了51.69%。 $三井物產 (8031.JP)$ 也表現出顯著的增長,增長了90.27%,其次是 $丸紅 (8002.JP)$爲 75.74%, $住友商事 (8053.JP)$ 爲73.36%,以及 $伊藤忠商事 (8001.JP)$ 爲64.40%。

Buffett's Investment Horizon:

巴菲特的投資視野:

Buffett is known for his long-term investment approach. In August 2020, Berkshire Hathaway announced it had passively acquired a 5% stake in each of the five major Japanese trading companies. This stake was later disclosed to have been increased to over 8.5% by June of the following year. In his shareholder letter, Buffett revealed that Berkshire holds about 9% of each company and has pledged not to purchase more than 9.9% without the approval of the companies' respective boards.

巴菲特以其長期投資方法而聞名。2020年8月,伯克希爾·哈撒韋公司宣佈已被動收購了日本五大貿易公司各5%的股份。後來披露,到次年6月,該股份已增加到8.5%以上。巴菲特在股東信中透露,伯克希爾持有每家公司約9%的股份,並承諾未經公司各自董事會批准的收購量不會超過9.9%。

Since the summer of last year, when Berkshire disclosed the increased stake, it has accumulated shares in these companies. Masayuki Hyodo, the CEO of Sumitomo Corporation, mentioned in a recent interview that not only Sumitomo but all five companies have seen Berkshire increase its stake daily.

自去年夏天伯克希爾披露增加的股份以來,它一直在積累這些公司的股份。住友商事首席執行官兵戶正之在最近的一次採訪中提到,不僅住友,而且所有五家公司都看到伯克希爾每天增加股份。

Regarding the length of time plans to hold these shares, Buffett indicated in his shareholder letter that he would continue to hold these companies for the long term. He has previously suggested that Berkshire plans to keep these investments for 10 to 20 years.

關於持有這些股票的計劃期限,巴菲特在股東信中表示,他將繼續長揸這些公司。他此前曾表示,伯克希爾計劃將這些投資保留10至20年。

Why Buffett is Keen on the Big Five Japanese Trading Houses

爲什麼巴菲特熱衷於日本五大貿易公司

  1. Diversified Operations: Berkshire Hathaway values the highly diversified business models of Japan's five major trading houses, which mirror Berkshire's own approach to diversification.

  2. Shareholder-Friendly Practices: These firms have been buying back their shares strategically at attractive prices, signaling a commitment to shareholder value.

  3. Dividend Policy and Capital Use: The trading houses allocate roughly one-third of their earnings to dividends and use retained earnings effectively for business growth and modest stock repurchases, avoiding the dilution of shares through new share issuance.

  4. Financing Strategy Against Currency Fluctuation: Berkshire financed its positions in these companies primarily with yen-denominated bonds, capitalizing on the unpredictable major currency market prices.

  5. Anticipation of Commodity Price Rises: Buffett's significant investment may reflect his expectation of rising energy and commodity prices, areas where these firms have extensive involvement.

  6. Global Resource Acquisition: Despite Japan's prolonged economic stagnation, these trading houses have been proactive in securing global oil, natural gas, and other resources.

  7. Profit from Commodity Price Surge: Buffett's investment timed with the downturn in oil and gas prices due to COVID-19 has paid off with the recent surge in commodity prices, partly driven by the Russia-Ukraine conflict and the economic recovery.

  8. Benefit from Yen Depreciation: The Bank of Japan's reluctance to raise interest rates has led to the yen's depreciation, providing a policy-induced advantage to these trading companies, especially as investment firms benefiting from favorable currency exchange when repatriating overseas earnings.

  1. 多元化運營:伯克希爾·哈撒韋公司重視日本五大貿易公司高度多元化的商業模式,這反映了伯克希爾自己的多元化方針。

  2. 股東友好型做法:這些公司一直在戰略性地以有吸引力的價格回購股票,這表明了對股東價值的承諾。

  3. 股息政策和資本使用:交易所將大約三分之一的收益分配給股息,並將留存收益有效地用於業務增長和適度的股票回購,避免通過發行新股來稀釋股票。

  4. 應對貨幣波動的融資策略:伯克希爾利用不可預測的主要貨幣市場價格,主要使用日元計價的債券爲其在這些公司的頭寸融資。

  5. 對大宗商品價格上漲的預期:巴菲特的大量投資可能反映出他對能源和大宗商品價格上漲的預期,這些公司在這些領域有廣泛的參與。

  6. 全球資源收購:儘管日本經濟長期停滯,但這些貿易公司一直在積極保護全球石油、天然氣和其他資源。

  7. 大宗商品價格飆升帶來的利潤:巴菲特的投資恰逢石油和天然氣價格的下跌,最近大宗商品價格的飆升得到了回報,部分原因是俄羅斯-烏克蘭衝突和經濟復甦。COVID-19

  8. 受益於日元貶值:日本央行不願提高利率導致日元貶值,這爲這些貿易公司提供了政策誘導的優勢,特別是作爲投資公司,在匯回海外收益時受益於有利的貨幣兌換。

Introduction to the Five Major Trading Houses:

五大貿易公司簡介:

Japan's five major trading companies are long-established and sizable corporate groups playing a significant role in Japan's economy. Each company's operations are highly diversified and engage in trading a variety of products and materials, involving sectors including natural resources, energy, chemicals, metals, manufacturing, retail, real estate, and healthcare.

日本的五大貿易公司是歷史悠久且規模龐大的企業集團,在日本經濟中發揮着重要作用。每家公司的業務都高度多元化,交易各種產品和材料,涉及自然資源、能源、化工、金屬、製造、零售、房地產和醫療保健等行業。

  • Mitsubishi

  • 三菱

Mitsubishi Corporation, founded in 1873, eventually branched out into a conglomerate of independent companies collectively known as the Mitsubishi Group. This expansion led to a diverse portfolio encompassing sectors such as energy—including oil, natural gas, and nuclear power—metals like iron ore and aluminum, automotive, aerospace, chemicals, food, infrastructure, and the development of military equipment.

三菱商事成立於1873年,最終擴展爲一個由獨立公司組成的集團,統稱爲三菱集團。這種擴張帶來了多元化的投資組合,涵蓋能源(包括石油、天然氣和核電)、鐵礦石和鋁等金屬、汽車、航空航天、化工、食品、基礎設施和軍事裝備開發等行業。

The company boasts significant competencies in the resources and energy sector, particularly in coal, liquefied natural gas (LNG), and copper, which make up roughly 53% of its business mix. Additionally, Mitsubishi has a widespread presence in non-resource sectors, including owning the well-known Lawson convenience store chain. The corporation is proactively investing in sustainable energy and the digital transformation space.

該公司在資源和能源領域擁有強大的競爭力,特別是在煤炭、液化天然氣(LNG)和銅方面,它們約佔其業務結構的53%。此外,三菱在非資源領域擁有廣泛的影響力,包括擁有著名的勞森連鎖便利店。該公司正在積極投資可持續能源和數字化轉型領域。

Mitsubishi is pivoting away from a heavy reliance on resource-based income, with projections indicating that by the fiscal year 2025, nearly half of its profits will be derived from its non-resource activities. Mitsubishi's mid-term financial outlook suggests a substantial outperformance in both return on equity (ROE) and return on assets (ROA) relative to its 10-year average. Among its industry peers, Mitsubishi is a front-runner in improving cash flow and delivering superior returns to its shareholders.

三菱正在擺脫對資源收入的嚴重依賴,預測表明,到2025財年,其近一半的利潤將來自其非資源活動。三菱的中期財務展望表明,與10年平均水平相比,股本回報率(ROE)和資產回報率(ROA)的表現均大幅跑贏大盤。在業內同行中,三菱在改善現金流和爲股東帶來豐厚回報方面處於領先地位。

  • Mitsui

  • 三井

As the oldest trading house in Japan, Mitsui & Co., Ltd. was founded by Takatoshi Mitsui over three centuries ago. The Mitsui legacy continued with the establishment of Japan's first private bank, Mitsui Bank, in 1876, setting the stage for the birth of the largest trading conglomerate of its era. Today, Mitsui & Co. has evolved into a multifaceted titan, with its hands in a variety of sectors spanning from mineral and metal resources to energy, infrastructure, and transportation. The company's breadth extends to basic and specialty materials, agribusiness, steel, food products, consumer retail, healthcare, IT & communication technology, and initiatives aimed at catalyzing corporate development.

作爲日本最古老的貿易公司,三井物產株式會社由三井隆敏在三個多世紀前創立。隨着1876年日本第一傢俬人銀行三井銀行的成立,三井銀行的遺產得以延續,爲那個時代最大的貿易集團的誕生奠定了基礎。如今,三井物產已發展成爲一家多方面的巨頭,涉足從礦產和金屬資源到能源、基礎設施和交通等各個領域。該公司的業務範圍延伸到基礎和特種材料、農業綜合企業、鋼鐵、食品、消費零售、醫療保健、信息技術和通信技術以及旨在促進企業發展的舉措。

Mitsui boasts particular prowess in the resources and energy sectors with key interests in commodities like iron ore and liquefied natural gas. Its resource portfolio is heavily weighted towards iron ore, with significant investments in BHP's lucrative iron ore ventures in Western Australia. Beyond these traditional strongholds, Mitsui is steering towards the expansion of non-resource sectors, with healthcare being a notable area of development.

三井物產在資源和能源領域擁有特殊實力,主要利益集中在鐵礦石和液化天然氣等大宗商品上。其資源組合主要集中在鐵礦石上,對必和必拓在西澳大利亞利潤豐厚的鐵礦石企業進行了大量投資。除了這些傳統據點外,三井物產還轉向非資源領域的擴張,其中醫療保健是一個值得注意的發展領域。

Among its industry contemporaries, Mitsui carries the highest leverage within the resource domain. Its performance metrics rank solidly in the middle when compared to its competitors. Forecasters anticipate that the company's return on equity (ROE) and return on assets (ROA) for 2023 and 2024 will comfortably exceed the 10-year average, thanks to a marked enhancement in cash flow. This financial uptick is translating into more generous remunerations for Mitsui's shareholders.

在同期行業中,三井物產在資源領域的槓桿率最高。與競爭對手相比,其性能指標穩居中間。預測者預計,由於現金流顯著增加,該公司2023年和2024年的股本回報率(ROE)和資產回報率(ROA)將輕鬆超過10年平均水平。這種財務增長爲三井物產的股東帶來了更豐厚的薪酬。

  • Marubeni

  • 丸紅井

Marubeni Corporation, founded concurrently with Itochu, commenced over 160 years ago in the textile business. Today, it has stakes in prominent Japanese enterprises such as Mizuho Bank, Nissan Motor, Nippon Steel, Sapporo Beer, Hitachi, Canon, NSK Ltd.—Japan's top bearings manufacturer—and Kubota Corporation, a leader in agricultural machinery. Marubeni is particularly strong in the power and food (grains) sectors, with resources and energy making up 44% of its operations. The company is actively advancing into electric vehicle-related industries and offshore wind power.

丸紅株式會社與伊藤忠同時成立,始於160多年前的紡織業務。如今,它持有日本知名企業的股份,例如瑞穗銀行、日產汽車、新日鐵、札幌啤酒、日立、佳能、日本最大的軸承製造商NSK有限公司以及農業機械領域的領導者久保田公司。丸紅在電力和食品(穀物)領域尤其強勁,資源和能源佔其業務的44%。該公司正在積極進軍電動汽車相關行業和海上風力發電。

Marubeni's resource investments are diversified, avoiding excessive dependence on any single commodity and maintaining satisfactory asset quality. Recent years have seen a decrease in asset impairment risks due to proactive measures. The company's strategic focuses include North American agricultural products like beef and grains, as well as aerospace leasing.

丸紅的資源投資是多元化的,避免了對任何單一商品的過度依賴,並保持了令人滿意的資產質量。近年來,由於採取了積極措施,資產減值風險有所降低。該公司的戰略重點包括牛肉和穀物等北美農產品,以及航空航天租賃。

In the last decade, Marubeni experienced greater profit fluctuations due to asset impairment losses. However, since fiscal 2020, the company has outperformed its competitors in return growth, boasting a higher ROE. Its balance sheet has seen notable improvements thanks to effective deleveraging strategies. In the third quarter of fiscal 2023, Marubeni introduced a new policy aimed at returning 30-35% of profits to shareholders, underscoring its commitment to investor returns.

在過去的十年中,由於資產減值損失,丸紅經歷了更大的利潤波動。但是,自2020財年以來,該公司的回報增長超過了競爭對手,投資回報率更高。得益於有效的去槓桿化策略,其資產負債表有了顯著改善。在2023財年第三季度,丸紅推出了一項新政策,旨在將30-35%的利潤返還給股東,這突顯了其對投資者回報的承諾。

  • Sumitomo

  • 住友

Originating from Sumitomo Bank in 1919 and transformed into Sumitomo Corporation in 1952, this enterprise spans a broad range of sectors, including Metal Products, Transportation & Construction Systems, Infrastructure, Media & Digital, Living Related & Real Estate, and Mineral Resources & Chemical. Renowned for expertise in real estate, media, leasing, and steel products, Sumitomo focuses on non-ferrous metals within its resource industry.

該企業於1919年起源於住友銀行,並於1952年轉型爲住友商事株式會社,涵蓋廣泛的領域,包括金屬製品、運輸和建築系統、基礎設施、媒體和數字、生活相關與房地產以及礦產資源與化工。住友以房地產、媒體、租賃和鋼鐵產品方面的專業知識而聞名,專注於資源行業中的有色金屬。

With a global footprint, Sumitomo Corporation draws around 40% of its revenue from Japan. The United States is another key market, contributing over 15%, while various Asian countries add nearly 20%. Europe, the Middle East, and additional regions make up over 15%, with the rest coming from the Americas. This distribution underscores Sumitomo's well-established international presence.

住友商事的業務遍及全球,其收入的40%來自日本。美國是另一個關鍵市場,貢獻率超過15%,而亞洲各國則增加了近20%。歐洲、中東和其他地區佔15%以上,其餘來自美洲。這種分佈凸顯了住友在國際上的知名度。

  • Itochu

  • 伊藤忠商事

Itochu Corporation's journey began in 1858 with a modest linen trade and has since woven its way into a tapestry of global commerce, operating across diverse sectors including textiles, machinery, metals, energy, chemicals, foodstuffs, daily necessities, real estate, information technology, and financial services. The corporation not only partakes in domestic trading within Japan but also engages in import-export activities, complex triangular trade, and strategic trade investments both locally and internationally, showcasing its expansive commercial reach.

伊藤忠株式會社的旅程始於1858年,當時的亞麻貿易規模不大,此後發展成爲全球商業的格局,業務涉及多個領域,包括紡織、機械、金屬、能源、化工、食品、日用品、房地產、信息技術和金融服務。該公司不僅參與日本國內的貿易,還參與進出口活動、複雜的三角貿易以及本地和國際戰略貿易投資,展示了其廣泛的商業影響力。

With resources and energy constituting approximately 45% of its business portfolio, Itochu also demonstrates particular expertise in textiles, food, information technology, and financial services. Among its prominent consumer brands is the well-known FamilyMart chain of convenience stores. Itochu's trading endeavors are notably extensive with China, having multiplied its international presence through the strategic acquisition of foreign enterprises and the formation of joint ventures.

由於資源和能源約佔其業務組合的45%,伊藤忠還展示了在紡織、食品、信息技術和金融服務方面的特殊專業知識。其著名的消費品牌之一是著名的FamilyMart連鎖便利店。伊藤忠與中國的貿易活動非常廣泛,通過戰略性收購外國企業和組建合資企業,其國際影響力成倍增長。

A highlight of Itochu's expansion strategy was the 2005 acquisition of a 50% stake in Master Kong Beverages, which led to subsequent joint ventures with Master Kong Instant Foods and snack food giant Calbee in China. Itochu's aggressive growth continued with significant investments in a variety of companies including Hangzhou Xinhua Seas Trading, Kalahari Minerals PLC, CP Pokphand Co., Taipei Financial Center, FamilyMart, Big Motor, and others, thereby cementing its influence in industries ranging from metals and food to automotive.

伊藤忠擴張戰略的一大亮點是2005年收購了康師傅飲料50%的股份,隨後與康師傅即食食品和休閒食品巨頭Calbee在中國建立了合資企業。伊藤忠繼續保持強勁增長,對包括杭州新華海洋貿易、卡拉哈里礦業有限公司、CP Pokphand Co.、臺北金融中心、FamilyMart、Big Motor等多家公司進行了大量投資,從而鞏固了其在金屬、食品到汽車等行業的影響力。

000m.pngmoomooers,

moomooers,

Are you optimistic about the future trajectory of the five major trading firms?

你對五家主要貿易公司的未來走勢持樂觀態度嗎?

Which company might become the next gem in your investment portfolio?

哪家公司可能成爲您投資組合中的下一顆寶石?

Feel free to share your thoughts in the comment section below~

歡迎在下面的評論區分享你的想法〜

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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