格隆汇1月21日｜卡夫亨氏盘前跌超3%，伯克希尔拟减持至多3.254亿股公司股票。 ...

Core Viewpoint - Berkshire Hathaway's new CEO, Greg Abel, may be considering selling its 325 million shares in Kraft Heinz, a company co-created by Warren Buffett in 2015, indicating a potential shift in corporate strategy [1][4]. Group 1: Background and Context - The merger of Kraft and Heinz was orchestrated by Buffett and Brazilian investment firm 3G Capital, who believed in the strength of their brands [2]. - Over time, Buffett recognized that Kraft Heinz's competitive advantage was weakening as consumers shifted towards store brands and away from processed foods [3]. - Berkshire Hathaway recorded a $3.76 billion writedown on its Kraft Heinz stake last summer, reflecting concerns about the company's performance [3]. Group 2: Current Developments - Kraft Heinz disclosed that Berkshire Hathaway, its largest shareholder, "may offer to sell, from time to time, 325,442,152 shares," leading to a nearly 4% drop in Kraft Heinz shares to $22.85 [4]. - Analysts speculate that this could signal the beginning of a broader review of Berkshire's diverse holdings, which include a stock portfolio worth over $300 billion and various insurance and utility companies [5]. Group 3: Leadership and Strategic Changes - Analysts suggest that Greg Abel's leadership style may differ from Buffett's, potentially leading to a more aggressive approach to divestitures rather than acquisitions [6]. - Abel has been managing non-insurance companies since 2018 and became CEO on January 1, 2023, with investors closely monitoring any changes he may implement [8]. Group 4: Market Reactions and Future Considerations - Investor Chris Ballard noted that selling Kraft Heinz could be an easy decision for Abel, although unloading such a large stake on the public market may be challenging [9]. - Buffett previously stated that Berkshire would not accept a block bid for its shares unless the same offer was extended to all Kraft Heinz shareholders, indicating a cautious approach to any potential sale [10].

Core Insights - The company is in the process of unraveling its 2015 merger between Kraft Foods and Heinz, intending to split into two publicly traded companies [1] Company Developments - The decision to split indicates a strategic shift aimed at enhancing operational focus and potentially unlocking shareholder value [1] - The merger, which was completed in 2015, is now being reassessed as the company seeks to create two distinct entities [1] Industry Implications - This move may reflect broader trends in the food industry, where companies are increasingly considering divestitures to streamline operations and improve market competitiveness [1] - The separation could lead to more tailored strategies for each new entity, allowing for better alignment with market demands and consumer preferences [1]

格隆汇1月21日｜据一份监管文件显示，伯克希尔哈撒韦(BRK.A.N、BRK.B.N)可能会出售其所持卡夫 亨氏(Kraft Heinz)27.5%的股份，从而退出这项已持续十余年、但并未给巴菲特带来理想回报的投资。卡 夫亨氏周二向美国证交会提交了一份招股说明书补充文件，为伯克希尔可能转售其持有的3.254亿股股 份进行注册。伯克希尔到目前为止是卡夫亨氏最大的股东，并推动了2015年卡夫与亨氏的合并。事实证 明，前卡夫食品和亨氏的合并令人失望，卡夫亨氏在去年9月份表示将在今年晚些时候一分为二。卡夫 亨氏股价周二收盘上涨23美分，报23.76美元，伯克希尔持有的股份价值约77亿美元。在提交招股说明 书补充文件后，该股在盘后交易中下跌4.9%，至22.59美元。 ...

格隆汇1月21日｜据一份监管文件显示，伯克希尔哈撒韦可能会减持其在 卡夫亨氏的27.5%股份，并退 出这项十多年前的投资，因为这项投资对该企业集团董事长沃伦-巴菲特来说并不成功。卡夫亨氏的产 品包括亨氏番茄酱和奥斯卡·迈耶肉类， 该公司周二向美国证券交易委员会提交了一份招股说明书补充 文件，旨在登记伯克希尔可能转售其持有的3.254亿股股份。伯克希尔是卡夫亨氏迄今为止最大的股 东，2015 年，伯克希尔帮助卡夫亨氏与巴西私募股权公司 3G Capital 合并。该公司于 2023 年剥离了其 持有的卡夫亨氏股份。事实证明，前卡夫食品公司和 亨氏公司的合并令人失望，合并后的公司在 9 月 份表示将在今年晚些时候一分为二。巴菲特当时告诉 媒体，他和时任伯克希尔公司副董事长、现任首 席执行官的格雷格-阿贝尔不赞成分拆。卡夫亨氏股价周二收盘上涨 23 美分，报 23.76 美元，伯克希尔 持有的股份价值约 77 亿美元。在提交招股说明书补充文件后的盘后交易中，卡夫亨氏股价下跌 4.9%， 至 22.59 美元。 ...

Core Insights - Warren Buffett's exit from the CEO role at Berkshire Hathaway marks a significant transition, prompting a reassessment of the company's valuation by the markets [1][2] - The leadership change has led to a decline in Berkshire Hathaway's stock price, trading at $493, down 0.72% since Greg Abel took over, although shares have increased over 5% in the past year [2] - There is ongoing debate about the potential loss of the "Buffett premium," which has historically provided Berkshire with a higher valuation due to Buffett's reputation and track record [3][4] Market Reaction - The transition has created psychological uncertainty among investors, who have historically linked Berkshire's performance to Buffett's decision-making [2][5] - Concerns have arisen regarding how the company will manage its cash reserves and whether its acquisition strategy will change under Abel's leadership [7] - Supporters argue that the recent stock decline is more about market sentiment than the company's fundamentals, emphasizing Berkshire's profitable diversified portfolio [7]

Group 1 - The largest holding in the Bill & Melinda Gates Foundation Trust's portfolio is Berkshire Hathaway, not Microsoft, which ranks as the fifth-largest position [1][4] - The Gates Foundation Trust has approximately 30% of its $36 billion portfolio invested in Berkshire Hathaway, valued at over $10.9 billion [1][4] - Berkshire Hathaway has delivered an overall gain of 5,502% from 1964 to 2024, translating to a compound annual growth rate of 19.9%, significantly outperforming the S&P 500's 10.4% during the same period [7] Group 2 - The relationship between Gates and Buffett, including their long-standing friendship and collaboration, is noted, but the primary reason for the Gates Foundation Trust's investment in Berkshire Hathaway is its historical reliability as an investment [5][6] - Despite Warren Buffett stepping down as CEO, Berkshire Hathaway remains a strong stock for long-term investment [6] - The Gates Foundation Trust reduced its position in Berkshire by selling 2.36 million shares in the third quarter of 2025, a decrease of almost 9.8% [4]

Core Viewpoint - Adding blue chip stocks, particularly those held by Berkshire Hathaway, can be a sound investment strategy due to their historical performance and stability. Group 1: Berkshire Hathaway's Portfolio - Berkshire Hathaway's portfolio is heavily concentrated, with its top four holdings comprising nearly 56% of its total stock portfolio [2] - The top four holdings are Apple (19.7%), American Express (17.3%), Bank of America (9.5%), and Coca-Cola (9.1%) [3] Group 2: Apple - Apple is the largest holding in Berkshire Hathaway's portfolio and has built a strong ecosystem around its products, enhancing customer retention [4][5] - The company generates significant free cash flow and has a growing service business that provides higher margins compared to hardware sales [6] - As of the latest data, Apple's market cap is $3.8 trillion, with a gross margin of 46.91% and a dividend yield of 0.40% [7] Group 3: American Express - American Express is positioned as a luxury brand, attracting affluent customers and generating steady income through premium card fees [8] - The company owns its payment network, allowing it to earn from transactions, annual memberships, and interest, differentiating it from competitors like Visa and Mastercard [9] - American Express has a market cap of $251 billion, a gross margin of 61.04%, and a dividend yield of 0.90% [11] Group 4: Bank of America - Bank of America operates across various banking sectors, making it a stable investment tied to the U.S. economy's long-term growth [12] - The bank's "too big to fail" status provides a safety net, enhancing consumer trust and regulatory stability [13] - As of the end of 2025, Bank of America had over $285 billion in cash and cash equivalents and over $3.4 trillion in assets, with a dividend yield of 2.04% [15] Group 5: Coca-Cola - Coca-Cola is a long-standing holding of Berkshire Hathaway, known for its stability and consistent dividend payments, having increased its annual payout for 63 consecutive years [16] - The company's products maintain strong sales regardless of economic conditions, providing it with pricing power [17] - Coca-Cola is considered a defensive stock, making it a reliable choice for long-term investors [16][18]

Group 1: Amazon - Amazon is considered a key stock in a long-term investment portfolio due to its "Day 1" culture that fosters continuous innovation and opportunity exploration [3][4] - Amazon Web Services (AWS) generated $93 billion in sales during the first nine months of 2025, accounting for 59% of Amazon's total operating income [4] - Future opportunities for Amazon include launching a satellite internet service and entering the consumer robotics market [6] Group 2: Apple - Apple is the largest individual stock holding in the portfolio, with a strong ecosystem centered around the iPhone [6][7] - The company is expected to excel in the AI glasses market and generate significant revenue from the rollout of 6G wireless networks in the next decade [8] Group 3: Berkshire Hathaway - Berkshire Hathaway remains a strong investment choice due to its diversified portfolio and the continuation of Warren Buffett's business philosophy under new CEO Greg Abel [9][10][12] - The company's market cap is $1.1 trillion, with a gross margin of 24.85% [11][12] Group 4: Intuitive Surgical - Intuitive Surgical is positioned to benefit from the aging global population and the increasing volume of surgical procedures [13] - The company estimates that around 8 million procedures are currently candidates for its surgical robots, with potential growth to 22 million as technology advances [14] Group 5: Vertex Pharmaceuticals - Vertex Pharmaceuticals holds a monopoly in treating cystic fibrosis and has expanded its portfolio with new therapies [15][16] - The company is expected to gain regulatory approval for treatments targeting IgA nephropathy, which affects 330,000 patients in the U.S. and Europe [18][19]

Core Viewpoint - The article discusses the current state of the stock market, highlighting that the Buffett indicator, a valuation tool favored by Warren Buffett, suggests that stocks are currently overvalued and may face a significant downturn in the near future [4][10][19]. Valuation Insights - Warren Buffett's preferred valuation metric is the market cap-to-GDP ratio, which he considers the best measure of stock market valuations [7][8]. - As of January 11, 2026, the Buffett indicator reached an all-time high of 224.35%, indicating a 158% premium over its historical average of 87% since December 1970 [9][10]. Market Trends - The stock market has experienced significant gains, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite rising by 13%, 16%, and 20% respectively in the previous year, driven by excitement around artificial intelligence and potential interest rate cuts [2]. - Historical data shows that while the stock market tends to rise over long periods, it is characterized by volatility and unpredictable short-term movements [3][6]. Investment Philosophy - Buffett's investment strategy emphasizes value, patience, and a long-term perspective, recognizing that market corrections and bear markets are inevitable but typically short-lived [11][12][13]. - The average duration of bear markets in the S&P 500 is approximately 286 days, while bull markets last significantly longer, averaging 1,011 days [17][18]. Conclusion - The article concludes that while the Buffett indicator signals potential risks in the stock market, the long-term trend remains one of wealth creation, underscoring the importance of a patient investment approach [19].