• Sat. Oct 29th, 2022

Holdings in fossil-fuel businesses pressure companies that Berkshire Hathaway took 5% stake in

Jan 25, 2021

TOKYOThe chief executive of Japans Sumitomo Corp. was scrolling through emails on his iPhone late one night when he noticed one from Warren Buffetts company. Masayuki Hyodo thought it looked like an ad, but he opened it just in case, then tapped on the PDF attachment.
Before Mr. Hyodos eyes was a personal letter signed by the American investing legend. Mr. Buffett wrote that his company, Berkshire Hathaway Inc., was about to announce that it had acquired 5% of Sumitomos shares, part of its biggest investment in Japan.
It was totally unexpected, Mr. Hyodo said of the late-August disclosure. He is such a distinguished investor, so its an honor.
Mr. Buffett spent about $6 billion taking 5% stakes in five Japanese investment companies including Sumitomo, whose roots date back 430 years.
What has become clear since the investments is that the 90-year-old Mr. Buffett and Sumitomo have something in common beyond a venerable history. Both are out of fashion with investors these days.