Subject: Re: Low ROE Holdings
Is it tarring with too broad a brush, that there are countries that are apparently capitalistic, but don't care about shareholders at all?
Examples: Japan. Israel. These two I have some (long ago) experience with.
Europeans are still somewhat shareholder friendly, but maybe except for UK nobody is close to good old USA.

Why Buffett expects Japanese companies to give him, a passive shareholder, returns better than any decent US company is beyond me.
I think from time to time he is seduced by apparent cheapness and thinks the margin of safety is so good that this banana tree will certainly produce mangoes at some point. Examples - Posco. Tesco.