After Buffett: Ten Japanese Stocks Berkshire Might Target Next

Berkshire Hathaway's profitable bets on Japan's five trading houses and Tokio Marine are among the most-discussed cross-border long-term plays of recent years. Toyo Keizai asks the obvious follow-up: which ten stocks might Berkshire add next? The value lies not in the list as a tip sheet but in the logic behind it. The author stresses that the picks cannot just be cheap, low P/E or low P/B alone is not a reason to hold; you must be able to explain why you would own it for the long run. That is classic Berkshire: buy businesses, not tickers, and ask whether the moat and cash flow will still be there in ten years. The criteria break into three: stable, predictable cash flow across the cycle, as with trading houses and insurers; a shareholder-return mindset, increasingly rewarded amid Tokyo's governance reforms; and understandable business models. History shows the payoff, Berkshire bought boring old-economy names with steady dividends and cheap yen valuations and earned strong long-term returns. The caveat: this is an analyst's speculation, not Berkshire's move, and a foreign giant's strategy may not suit retail investors. Treat it as a framework: ask whether cash flow is stable, whether the company treats shareholders well, and whether you understand the business. Watch Berkshire's filings, governance-reform progress, and whether these names' results support a long hold.