Subject: Re: sogo shosha
"Berkshire owns several holdings not included in its quarterly SEC 13F filings. Five Japanese trading
companies bought originally for about $6 billion in 2020 with another roughly $2 billion added to in late
2022 trading for $12.1 billion at yearend, financed with what is now $6.3 billion in 0.6% coupon Japanese
yen denominated debt at current exchange rates. The debt is at the holding company and the equity
interests in the trading companies are held by the insurers."

Berkshire was still buying to these positions at year-end. At 12/31 exchange rates and market values the 5 positions combined were $12.63 Billion.

The largest positions were Mitsui, Itochu and Mitsubishi at around $3.3-3.2 Billion USD each. Sumitomo and Marubeni were smaller at approximately $1.4 Billion each.

Warren was still buying all five in November and December of 2022.