Warren Buffett’s favorite Japanese trading houses climbed after he said in his letter to investors the companies follow shareholder-friendly policies that are "superior” to those practiced in the United States.
Marubeni gained the most in four months, rising as much as 5.6% on Monday. The other four trading companies that Berkshire Hathaway holds — Mitsubishi, Itochu, Mitsui & Co., and Sumitomo — also rose, outperforming the broader market.
"Buffett used a lot of space in his letter to talk about Japanese trading firms,” which boosted investor confidence in the companies, said Mineo Bito, president of Bito Financial Services in Tokyo. The U.S. investor took up about a page of his 16-page annual letter to shareholders to discuss the Japanese firms.
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