Has Warren Buffett lost his way?

Legendary investor's Japan play a jarring departure from basic principles

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Perhaps Buffett figures that modest ROE is palatable if the underlying cost of capital is so cheap. © AP

Stephen Givens is a corporate lawyer based in Tokyo.

Hailed as a contrarian bet, Warren Buffett's across-the-board 5% investment in each of Japan's five largest trading companies is a jarring departure from the basic investment principles that have made him famous.

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