Message from the President -Summer Greeting 2018-

August 1, 2018 Information
Dear Sirs,
I visited the city of Omaha in the United States last May for two nights during a tightly-scheduled tour. The purpose of this trip was to participate in the General meeting of shareholders of Berkshire Hathaway, known for its control and leadership by Warren Buffett, an American business magnate and investor.

If you invested a million yen in Buffet 50 years ago and continued maintaining it, your asset would have been 20 billion yen today. He said he fell from a cliff at the financial crisis in 2008. As a result, he made that crisis a stepping stone to even higher income and right now the aggregate market value of his company is 50 trillion yen and it is the 8th largest in the world.

When I was a college student my parents gave me a million yen and said that I should study stocks with it. I bought stocks from two companies and both went bankrupt. If only I bought Berkshire's stocks then ...

As an investor, Buffet is called a wise man of Omaha, has built an enormous asset base, continued 5 hour-long questions and answers at the stockholder's meetings and made public lists of donations, which occupies 85% of his personal assets. I believe that his donation activities is unexampled in history and his way of living is surpassing thinkers of old and new.

The site of the general meeting was an arena. The number of seats is 18,000. The participants were supposed to be 40,000 people from all around the world. I did not even know how to secure seats but woke up at 4 AM and arrived at the site to find the already long line. The gate was opened at 7:30, everybody entered and ran to find the best seat. We managed to get a seat on the third floor.

Buffet appeared at 9:30 AM. There were two chairs on the stage. One was for Charlie Munger, Buffet's lifetime partner. There was Bill Gates on the first row of the audience seats. Buffet turned 87, Munger is 94 years' old. I thought I should see the legendary stockholder's meeting.

The two do not know questions beforehand, but Buffet answers immediately. At the end of each question, Buffet asks Munger for comment. Munger made short comments and the audience is amused.

The most interesting question was, "Although all the investments are the decision of you two, how do you see the younger people participating in the decision process?" The question symbolizes the kingdom of Buffet.

Now the season is full summer. For this special season, from the ancient times in Japan, it is said to eat eel, not to cultivate the soil, dry clothes and books, and eat sweet bean mochi. Most of the local festivals gather during this summer season. It is a time that we need to take good care of our health, so I pray that you will take care of yourself and I also appreciate your continued courtesy.

Truly Yours,
Naoki Yoshimura
Marinfood Company

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