QuestionerMr. Buffett and Mr. Munger did a very good and successful investment in Japan in the past five or six years. The recent CPI in Japan is currently above 3%, not far away from its 2% targets. Band of Japan seems very determined in racing race, while Fed's easy. and other central banks are considering to cut them. Do you think BOJ, Bank of Japan, makes sense to proceed the rate hike? Will its planned rate hike deter you from further investing Japanese stock market or even considering to realize your current profits? Here were these five trading companies that have a special name. special name form in Japan, but they were selling at ridiculously low prices.
WarrenAnd so I spent about a year acquiring them, and then we got to know the people better and everything that Greg and I saw we liked better as we went along. So we got fairly close to the 10% limit that we'd told the company we would never exceed without their permission. And so we did ask them. reasonably whether that limit could be relaxed and it's in the process of being relaxed somewhat. We, I would, I would say that I'll speak for Greg beyond me that I'll in the next 50 years and I'll be running things in. We won't give a thought to selling those. How many times do you think you've met with representatives of one company or the other?
Greg AbelYeah. When you think of the five, there's definitely a couple meetings a year. year Warren and I think the thing we're building with the five companies is one it's it's been a very good investment but we are really as Warren touched on we we envision holding the investment for 50 years or forever but I think we also are building relationships to do incremental things with each of those companies and we really do hope to do big things with them globally they bring different perspectives and different opportunities and we see and that's the that's why we're building that long-term relationship with them it's super long-term and and and they have a much they have a they have different customs they have different approaches to business that's that's true around the world and and and we we don't have any intention in any way of trying to change what they've done because they do because they do it very successfully and and our our main activity is just to it's just to cheer and clap and that I can still do it 94 so we will own those you know we will not be selling any stock I mean that is just it's that will not happen in decades if then.