Interesting find of a Japanese BRK style company (9435 Hikari Tsushin)
Hikari Tsushin was once a phone contracting company like Softbank and was at its peak during the dot com bubble but collapsed due to bubble busting WHILE been found out having a scandal of faking the contracts to gain commission fees.
This leads to a record holding 20-day limit down trading (￥78,800 to ￥13,800 ) and nearly turned the company's equity and debt into junk.
(This is still the record for Japanese stock market.)
The company returned after scrapping their old biz model and re-start as a company focusing on sticky subscription-based business like OA machines/water/electricity with continuous cash flow, while heavily invested those cash flow into "Cigarette butt style" Benjemin Graham companies.
Today's Hikari Tsushin has a CAGR of 9.9% from 1996-2025 while sticking to its value investing style and cash generating main biz without drifting from course.
Took a look into the owner's personal portfolio and founds out he also holds tons of BRK.A and BRK.B., maybe that's what leads him to re-shape the company to its current form.