There is a certain poetry in the patience of Warren Buffett, a man whose investment philosophy unfolds like a quiet sonnet amid the cacophony of quarterly earnings calls. His predilection for “forever” holdings-those rare constellations of capital and competence-has become legend, though one must read between the lines of his missives to shareholders like a scholar deciphering ancient scripture. The Oracle of Omaha, in his 1988 epistle to Berkshire Hathaway, declared his love for businesses so splendidly managed they might anchor portfolios through centuries. Yet in 2016, with the wry pragmatism of a man who has seen tulip manias come and go, he amended his ode: “We have made no commitment,” he mused, “to hold securities forever.” A gentle rebuke to those who mistake philosophy for dogma.
Still, some stars in Berkshire’s firmament burn with a steadier light. Recent filings reveal over $400 million added to two Japanese trading houses-Mitsubishi and Mitsui-companies whose sprawling empires defy modern notions of focus. These are not the sleek, disruptive startups lauded in Silicon Valley; they are the old-growth forests of capitalism, their roots entangled in energy, shipping, and retail. One might call them “superfluous men” in today’s frenetic market, yet their very anachronism holds allure.
The Market’s Autumnal Glow
The S&P 500, that barometer of collective optimism, now wears a crown of 22.4-a forward PE ratio that would make even a tulip bulb blush. Buffett, ever the melancholic observer, lamented last February the paucity of “companies capable of moving the needle” at Berkshire. With $344 billion in cash, his universe shrinks like autumn leaves: only the mightiest oaks need apply.
Enter the Japanese trading houses-Mitsubishi, Mitsui, and their brethren. These conglomerates, with their labyrinthine holdings, trade at valuations that suggest a market hungover from tariff fears. Mitsubishi, at 1.5-times book value, and Mitsui, even cheaper, became Buffett’s antidote to modern excess. Their valuations, once weighed down by trans-Pacific anxieties, lifted in September when trade winds shifted. A classic Buffett refrain: “Be fearful when others are fearful,” though one suspects he hums it with a wistful smile.
The Eternal Dance of Capital and Patience
These trading houses, Buffett notes, are kindred spirits to Berkshire itself. They hoard cash like misers, return but a third of earnings to shareholders, and reinvest the rest with the quiet determination of a gardener tending bonsai. Their aversion to issuing new shares is almost quaint in an era of SPACs and meme stocks. One imagines Buffett, in his twilight years, admiring their restraint as one might a fading aristocracy clinging to dignity.
Yet there is no nostalgia in Berkshire’s calculus. Greg Abel, Buffett’s heir apparent, is poised to deepen ties with these empires. Partnerships may bloom where capital and expertise intersect-Mitsubishi’s 50% stake in Lawson convenience stores, Mitsui’s grip on liquefied natural gas. The future, Buffett implies, belongs not to the swift but to the steadfast.
As the market chases the ephemeral-a new IPO here, a crypto craze there-the Oracle adds to his trove of timeless assets. One wonders if future historians will marvel at his patience, or shake their heads at relics overshadowed by AI-driven disruptors. For now, the old man smiles, his pen poised above the next 10-K, as the market’s autumnal glow deepens. 🐢
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2025-09-21 21:56