Berkshire was able to pull off its biggest bet outside the United States because of Japan’s historically low interest rates, the executive explained. That meant the conglomerate could borrow money cheaply as far as 10 years in advance, and use the funds to buy stocks with 5% dividends, he said. “These trading companies were really entrenched, old companies, and they had all these cheap copper mines and rubber plantations, and so you could borrow [easily],” Munger added.
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