Warren Buffett looks to Japan, takes 5% stakes in five trading companies

first_imgBerkshire Hathaway Inc said it has acquired slightly more than 5 percent of the shares in five large Japanese companies, marking a departure for Chairman Warren Buffett as he looks outside the United States to bolster his conglomerate.In a statement on Sunday, Buffett’s 90th birthday, Berkshire said it acquired its stakes in Itochu Corp, Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp over approximately 12 months.Berkshire said it intends to hold the investments for the long term, and may boost its stakes to 9.9 percent. A Berkshire insurance business, National Indemnity Co, is holding the shares. “I am delighted to have Berkshire Hathaway participate in the future of Japan,” Buffett said in a statement. “The five major trading companies have many joint ventures throughout the world and are likely to have more…. I hope that in the future there may be opportunities of mutual benefit.”The Japanese investments will help Buffett reduce his Omaha, Nebraska-based conglomerate’s dependence on the United States economy, which last quarter suffered its deepest contraction in at least 73 years as the coronavirus pandemic took hold.Many of Berkshire’s own operating businesses have struggled, and Berkshire this month took a $9.8 billion writedown on its Precision Castparts aircraft parts business.Berkshire owns more than 90 businesses including the BNSF railroad and Geico car insurer outright.It also invests in dozens of companies including Apple Inc, with a roughly US$125 billion stake based on its holdings as of June 30, as well as American Express Co, Bank of America Corp and Coca-Cola Co.Most of Berkshire’s operating businesses are American, though it has acquired a handful of foreign companies including Israel’s IMC International Metalworking and German motorcycle apparel retailer Detlev Louis.Additional investments in Japan could also help Buffett reduce Berkshire’s cash stake, which ended June at a record $146.6 billionTopics :last_img read more

McBain opts out of senior year

first_imgWisconsin defenseman Jamie McBain will go pro after earning WCHA player of the year honors.[/media-credit]The decision Jamie McBain made may not have been an easy one, but it certainly wasn’t a surprising one, either.McBain, a junior defenseman on the University of Wisconsin men’s hockey team, announced Thursday he will forgo his senior season and turn pro, joining the Carolina Hurricanes’ minor league affiliate — the Albany River Rats of the American Hockey League — for the final 10 games of the season.“It was one of the hardest decisions I’ve ever had to make,” McBain said in a phone interview. “I loved it there. I loved everything about it. I loved the coaching staff and the guys who were always around.”While the choice was a tough one, it was simply the right time for McBain, a second-round pick of the Hurricanes. The junior led the Badgers in scoring with 37 points on the season and played in all 40 games. In the process, he was named the WCHA’s Player of the Year and is a top 10 finalist for the Hobey Baker Award.“As far as from a hockey perspective, it was just time to move on in that aspect,” McBain said. “It all worked out for this being the best decision for me and my hockey career to move on.”McBain was in a similar position just a season ago, as speculation arose he may leave after just his sophomore year. But he announced his decision to return, which seemed to benefit both him and the Badgers.When the end of the season rolled around this time, the speculation arose again. No one was surprised, though, when McBain decided to go pro.“It’s a little bit different as far as the year I had,” McBain said.“It terms of Jamie signing, we knew from the beginning of the season that it might be a possibility,” UW head coach Mike Eaves said. “Then that possibility got stronger based on his performance this year.”With McBain’s departure, Eaves’ squad will be losing not only its top scorer but also one of its assistant captains. While McBain remains soft-spoken off the ice, Eaves said the junior showed leadership on the bench and on the rink.“I think his strong suit was on the bench,” Eaves said. “As quiet as he is, he’s really a competitive kid on the inside. In the middle of a battle on the bench, he was one of the guys that … was … leaning down to the forwards, ‘Hey, we need to get this done.’”McBain’s contract, according to the Hurricanes’ team site, is a three-year deal that will pay $600,000 a season at the NHL level and $62,500 on the minor league level. McBain will also collect a $255,000 signing bonus.“He got the max that he could get as an entry-level athlete,” Eaves said of McBain’s contract. “As a second-rounder, that’s pretty nice.”So, what’s the 21-year-old McBain going to do with his newfound riches?“I’ll probably just put it in the bank and save it for a rainy day,” McBain said.Before he can collect the NHL money, however, McBain will play for the River Rats in their final 10 games this season and likely for part of next season as well.“Carolina was really honest with him,” Eaves said. “They didn’t sell him the moon. They told him exactly that he’s going to play 10 games in Albany right now.”As for McBain’s expectations of his first taste of the big leagues?“Just kind of get a feel for the pace, the atmosphere at the professional level and just kind of get the feel for the game and get associated with the guys I could be around next year in the organization,” McBain said.After his time in Albany, McBain will return to Madison to finish out the semester — something his coach sees as an added bonus.“If you’re looking at moments for young athletes to take that next step in today’s age, there’s the fact that he’s got three years of education under his belt,” Eaves said.Once school finishes, it will be back to work for the WCHA Player of the Year, as he’ll split time between his home in Minnesota, the UW campus and Carolina for offseason training. But as he leaves his Badger career behind, he’ll always have memories of his time at Wisconsin.“Just being around the guys in the locker room, just that close-knit bond you get with all the guys on your team, especially the guys in my [junior] class. You’ve grown up with them the last three years,” McBain said. “Definitely an experience I’ll never forget.”last_img read more