Buffett's Choice to Buy a Company in Transition

Buffett is the best at not taking his own advice. He was very clear when we first met that he said the one thing I do not want to do is buy publicly listed companies in Japan. And yet four months ago that's what he did. Buffett bought things of course they were cheap but they also had strategic opportunities for Berkshire itself. They were playing on commodities and they were playing on cap allocation within the companies. A change that has been catalyzed in many ways by a drive by the stock exchange to let Japan catch up in valuation terms with the rest of the world. There's a push to get companies that are trading at less than book value above that.