How Value Investors Are Buying Japanese Trading Houses in 2026

Lucas and Luna dive into the value case for Japan's five major trading houses — Mitsubishi, Mitsui, Sumitomo, Itochu, and Marubeni — which Berkshire Hathaway first invested in back in 2020. With the yen still weak against the dollar and the Tokyo Stock Exchange pushing companies to improve shareholder returns, these conglomerates trade at 8-10 times earnings while buying back shares aggressively. Lucas shares why he thinks this is the most overlooked value play of 2026, especially after Berkshire's recent increase in its stakes. The hosts also discuss how the trading houses' vast commodity exposure and global supply chain assets create a natural hedge against inflation. If you missed the first wave of Japan value investing, Lucas argues the second wave is just beginning. Plus, a listener question on how to value a conglomerate with dozens of unrelated businesses — and why sum-of-the-parts analysis still works for patient investors. #ValueInvesting #Japan #TradingHouses #BerkshireHathaway #Mitsubishi #Mitsui #Sumitomo #Itochu #Marubeni #SogoShosha #ShareholderReturns #Buybacks #Yen #Commodities #SumOfTheParts #Finance #BusinessPodcast #FexingoBusiness Keep every episode free: buymeacoffee.com/fexingo