伊藤忠称欢迎伯克希尔进一步增持日本商社，但核心增持意向已于前一日扩散

TOKYO -- Berkshire Hathaway CEO Greg Abel met this week with the heads of five Japanese trading houses the U.S. investment company has bet on, as well as with insurer Tokio Marine Holdings. Abel spoke with them separately in Tokyo, discussing a wide range of topics, including business strategies and potential areas of cooperation.
Masahiro Okafuji, chairman and CEO of Itochu, said Abel told him Berkshire is considering buying more shares in trading houses as a long-term investor. He told Nikkei after meeting with Abel that Itochu would welcome a larger stake from Berkshire.
"Because Berkshire is a stable shareholder, we are not pressed for detailed explanations about our performance in the short term," Okafuji said. "That gives us peace of mind."
The meetings marked Abel's first discussions in Japan with the heads of companies in which Berkshire has invested since he became CEO in January.
Itochu has several projects with Berkshire, including cooperation on expanding the Asian business of a U.S. apparel company owned by Berkshire. Okafuji said he is also open to pursuing joint investments with Berkshire.
"If there are investments where Itochu's involvement can make a meaningful difference, we would like to pursue the projects," he said.
Abel, who grew up in Edmonton, in western Canada, began his career at accounting specialist PwC. In 1992, he joined CalEnergy, a utility company he had audited. The company agreed to become part of Berkshire in 1999 and expanded through a series of acquisitions in the power sector.
It was renamed Berkshire Hathaway Energy (BHE) in 2014. Abel spearheaded the growth of BHE, which has become the core of Berkshire's power and gas operations.
Mitsubishi Corp. President and CEO Katsuya Nakanishi, who has a background in the power business, said of Abel, "We have a lot to talk about in common, including projects from years ago. He's very easy to talk to."
Legendary investor Warren Buffett and his close ally, Charlie Munger, who died in 2023, kept their distance from the daily operations of acquired companies. Abel, by contrast, takes a hands-on approach.
He is quick to pick up the phone and call executives at Berkshire's portfolio companies. If their performance deteriorates, he seeks to determine the cause and take early action to improve the situation. Buffett has praised Abel's ability to identify management challenges quickly.
Mitsui & Co. President and CEO Kenichi Hori said of Abel, "There's really a lot to learn from the way he makes it easier for top executives to communicate directly with each other."
Sumitomo Corp. President and CEO Shingo Ueno also communicates frequently with Abel through meetings and phone calls. "He's never told me to change this or do that," Ueno said. "He understands the management principles" of the companies Berkshire invests in, Ueno said.
To Marubeni President and CEO Masayuki Omoto, Abel is a management adviser. On a trip to the U.S. in March, Omoto asked Abel about his views on capital allocation. During Abel's latest trip to Japan, Omoto said, "I asked him about Berkshire's philosophy and gained some valuable insights."
Abel commutes by car from Des Moines, Iowa, to Berkshire's headquarters in Omaha, Nebraska. He appears to discuss investment and management issues daily with Buffett, who still comes into the office every business day.