Buffett’s holding in Mitsubishi has its best day in eight years
Warren Buffett has done it again: Berkshire Hathaway’s holding in Mitsubishi had its best single-day of gains in eight years on Wednesday.
Mitsubishi stock
8058,
rose 9.7% in Tokyo as the company added a stock buyback authority of 500 billion yen ($3.4 billion).
“This is based on the steady generation of underlying operating cash flow and the progress of divestment through the implementation of the value-added cyclical growth model,” the company said in a presentation. Mitsubishi says another 500 billion yen may be used for either additional investments or shareholder returns.
The company, involved in businesses ranging from automobiles to coal mining to salmon farming, was one of five Japanese trading houses Berkshire Hathaway
BRK.B,
bought in 2020 that he’s increased his stakes in.
Berkshire Hathaway has an 8.6% stake in Mitsubishi, and according to FactSet, the stake has generated a return of 83%.
The gains on Buffett’s other Japanese trading house investments range from 59% at Sumitomo
8053,
to 94% at Marubeni
8002,
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