Some of Berkshire's Newest Bets Aren't American. Greg Abel Bought 3 Japanese Trading Houses Last Quarter.
The new CEO's first big purchases went abroad -- and the math behind them helps explain why.
Overview
Since Greg Abel took over as Berkshire Hathaway's (NYSE: BRKA)(NYSE: BRKB) CEO at the start of the year, investors have been watching to see what he does with the conglomerate's war chest. Filings with Japanese regulators gave an early answer last quarter.
Berkshire disclosed that its stake in trading house Mitsubishi (OTC: MSBHF) climbed to 11.1% as of April 30. Its stake in Sumitomo (OTC: SSUMY) reached 10.3% as of May 12, up from 9.3%. And Marubeni (OTC: MARUY) is on the list, too.
Details
Berkshire's buying has pushed its holdings in both Sumitomo and Marubeni above 10%, cementing the conglomerate's position as the largest shareholder of both companies.
Source
Originally published at www.fool.com.