Subject: Re: Buffett’s Japanese investment
Just a reminder to everyone that it makes no difference at all to your returns where you buy a stock, where the exchange is, what currency it is quoted in, or what currency you use to pay for it.

It will matter a little bit, if you can avoid ADR fees on dividends.
Maybe you give that up in frictional costs of converting the currency dividends are paid, to the currency you can spend to buy stuff.

The ADRs with 5 letter tickers and a -Y or -F at the end have significantly more fees on dividends than the "regular" ADRs that look like NYSE/NASDAQ tickers.