Core Insights - Berkshire Hathaway, led by Warren Buffett, has proven to be a durable investment vehicle, significantly increasing wealth for shareholders over the years [1] - The stock has shown impressive performance, with an initial investment of $1,000 in July 2020 now worth $2,426, effectively doubling the investment [2] - The company operates as a dual business model, combining a robust insurance conglomerate, primarily through Geico, with a diverse portfolio of investments in fully owned businesses and publicly traded companies [4] Investment Portfolio - Berkshire's stock portfolio includes well-known companies across various sectors, such as Apple, American Express, and Coca-Cola, making it familiar to most investors [5] - The investment strategy focuses on long-term holdings, with significant positions in companies like American Express dating back to 1964 and Coca-Cola since 1984, showcasing a commitment to buy-and-hold investing [6] Portfolio Management - Not all investments have performed well, with some like Kraft Heinz underperforming; however, Berkshire is willing to sell underperforming stocks relatively quickly [7] - The overall strong performance of Berkshire Hathaway is a key reason for Buffett's reputation as a celebrated investor, making it a worthy consideration for potential buyers [8]

The S&P 500 currently trades at an expensive valuation that has historically signaled trouble for investors. Warren Buffett's Berkshire Hathaway (BRK.A -1.27%) (BRK.B 0.18%) held $344 billion in cash and equivalents in the second quarter, just shy of the $348 billion it reported at the end of the previous period. The company was also a net seller of stocks for the 11th straight quarter. History says the stock market is headed lower in the next one, two, and three years The cyclically adjusted price-to-earni ...

Core Viewpoint - Warren Buffett, CEO of Berkshire Hathaway, has been a net seller of stocks for 11 consecutive quarters, raising concerns about the current market valuation and investment opportunities [4][9][10]. Group 1: Berkshire Hathaway's Recent Performance - In the second quarter, Berkshire Hathaway reported a cash flow statement indicating $3.909 billion spent on stock purchases, an increase from $3.183 billion in the previous quarter, while $6.915 billion was sold, up from $4.677 billion [8]. - Over the past 11 quarters, Buffett has sold $177.431 billion more in stocks than purchased, signaling a significant warning to Wall Street about market conditions [9]. - The company's cash reserves have grown to over $344 billion, but there is little incentive to deploy this capital in a historically expensive stock market [16][18]. Group 2: Market Valuation Concerns - The market-cap-to-GDP ratio, known as the "Buffett Indicator," recently exceeded 210%, significantly above the historical average of 85% [11]. - The S&P 500's Shiller price-to-earnings (P/E) ratio reached 38.97, marking it as one of the priciest bull markets in history, with previous instances leading to declines of at least 20% [15]. - The current market conditions make it challenging for Buffett to find value, as price dislocations in quality businesses are rare in an overpriced market [10][22]. Group 3: Investment Philosophy and Strategy - Buffett's investment strategy emphasizes patience, often waiting for favorable price dislocations before making significant investments [19][22]. - Historical examples, such as the $5 billion investment in Bank of America in 2011, illustrate Buffett's approach of capitalizing on undervalued opportunities when they arise [20][21]. - The upcoming transition of leadership to Greg Abel may see a continuation of this patient investment philosophy, crucial for Berkshire Hathaway's long-term success [22].

金十图示：2025年08月04日（周一）全球富豪榜 | 排名 | 名字 | 身价(美元) | 身价变化 | 公司 | | --- | --- | --- | --- | --- | | 1 | 埃隆·马斯克 | 3980亿 | 0 0% | 特斯拉、Spa | | 2 | 拉里·埃里森 | 2893亿 | 0 0% | 甲骨文 | | 3 | 马克·扎克伯格 | 2587亿 | 0 0% | Meta | | 4 | 杰夫·贝佐斯 | 2289亿 | 0 0% | 亚马逊 | | 5 | 拉里·佩奇 | -0 1558亿 | 0 0% | 谷歌 | | 6 | 黄仁勋 | 1512亿 | 0 0% | 英伟达 | | 7 | 谢尔盖·布林 | 1487亿 | 0 0% | 谷歌 | | 8 | 史蒂夫·鲍尔默 | 1466亿 | 0 0% | 微软 | | 9 | 沃伦·巴菲特 | 1417亿 | 0 0% | 伯克希尔哈撒韦 | | 10 | 贝尔纳·阿尔诺家族 | 1407亿 | 0 0% | LVMH | | II | 迈克尔·戴尔 | 1282亿 | 0 0% | 戴尔 | .CO., @ JIN10 ...

[Part I – Financial Information](index=2&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company's first-half 2025 results show total assets of $1.164 trillion, revenues of $182.2 billion, and net earnings of $17.0 billion Consolidated Balance Sheet Summary (As of June 30, 2025) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,163,968 million** | **$1,153,881 million** | | Cash and cash equivalents (Insurance and Other) | $96,193 million | $44,333 million | | Short-term investments in U.S. Treasury Bills | $243,605 million | $286,472 million | | Investments in equity securities | $267,923 million | $271,588 million | | **Total Liabilities** | **$493,692 million** | **$502,226 million** | | **Total Shareholders' Equity** | **$670,276 million** | **$651,655 million** | Consolidated Earnings Summary (First Six Months) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | $182,240 million | $183,522 million | | Investment Gains (Losses) | $(71) million | $25,733 million | | Earnings Before Income Taxes | $19,898 million | $53,843 million | | **Net Earnings Attributable to Berkshire Shareholders** | **$16,973 million** | **$43,050 million** | | Net Earnings per Average Equivalent Class A Share | $11,801 | $29,936 | Consolidated Cash Flow Summary (First Six Months) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | $20,988 million | $24,168 million | | Net Cash Flows from Investing Activities | $32,957 million | $(10,651) million | | Net Cash Flows from Financing Activities | $(1,113) million | $(8,948) million | | **Increase in Cash and Cash Equivalents** | **$52,852 million** | **$4,428 million** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including a $5.0 billion impairment on Kraft Heinz and $2.75 billion in accrued wildfire losses - The fair value of the five largest equity holdings (American Express, Apple, Bank of America, Coca-Cola, Chevron) represented **67% of the total equity portfolio fair value** as of June 30, 2025[36](index=36&type=chunk) - A pre-tax impairment loss of approximately **$5.0 billion** was recorded in Q2 2025 on the investment in Kraft Heinz, reducing its carrying value to fair value[47](index=47&type=chunk) - PacifiCorp, a BHE subsidiary, has recorded cumulative estimated probable losses of approximately **$2.75 billion** related to wildfires, with outstanding demands seeking damages of approximately $54 billion[125](index=125&type=chunk)[140](index=140&type=chunk) - HomeServices of America reached a nationwide class settlement in an antitrust case, agreeing to payments aggregating **$250 million** over four years[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a decrease in net earnings to $17.0 billion, driven by investment losses and a significant impairment charge - The company emphasizes that investment gains and losses, driven by market fluctuations and accounting rules, are **generally meaningless** for understanding periodic results and can cause significant volatility in reported earnings[169](index=169&type=chunk)[262](index=262&type=chunk) - The company's financial condition remains strong, with shareholders' equity increasing by $18.6 billion to **$668 billion** and liquidity of **$339.8 billion** in cash and U.S. Treasury Bills[270](index=270&type=chunk)[272](index=272&type=chunk) - **No shares were repurchased** under the company's common stock repurchase program during the first six months of 2025[271](index=271&type=chunk) Net Earnings Attributable to Berkshire Shareholders (After-Tax, in millions) | Category | Q2 2025 | Q2 2024 | First Six Months 2025 | First Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Insurance – underwriting | $1,992 | $2,263 | $3,328 | $4,861 | | Insurance – investment income | $3,367 | $3,320 | $6,260 | $5,918 | | BNSF | $1,466 | $1,227 | $2,680 | $2,370 | | Berkshire Hathaway Energy (BHE) | $702 | $655 | $1,799 | $1,372 | | Manufacturing, service and retailing | $3,601 | $3,380 | $6,661 | $6,468 | | Investment gains (losses) | $4,970 | $18,750 | $(68) | $20,230 | | Impairment of Kraft Heinz | $(3,760) | $— | $(3,760) | $— | | Other | $32 | $753 | $73 | $1,831 | | **Total Net Earnings** | **$12,370** | **$30,348** | **$16,973** | **$43,050** | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Operating results for the first half of 2025 were mixed, with lower insurance underwriting earnings offset by growth at BNSF and BHE - Insurance underwriting after-tax earnings **decreased by $1.5 billion** in the first six months of 2025, primarily due to approximately **$850 million in after-tax losses** from the Southern California wildfires[166](index=166&type=chunk) - BNSF's after-tax earnings **increased by 13.1%** in the first six months, driven by improved operating efficiencies, productivity, and lower effective income tax rates[167](index=167&type=chunk) - BHE's after-tax earnings **increased by 31.1%** in the first six months, reflecting higher earnings from U.S. utilities and reduced losses from real estate brokerage businesses[167](index=167&type=chunk) - Other earnings **declined by $1.76 billion** in the first six months, mainly due to after-tax foreign currency exchange rate losses of $1.6 billion in 2025 compared to gains of $1.0 billion in 2024[170](index=170&type=chunk) [Financial Condition](index=47&type=section&id=Financial%20Condition) The company maintained a robust financial position, with shareholders' equity growing to $668 billion and total borrowings at $127 billion - Shareholders' equity stood at **$668 billion** at June 30, 2025, up $18.6 billion since December 31, 2024[270](index=270&type=chunk) - Consolidated borrowings were **$127 billion** at June 30, 2025, with debt primarily issued by Berkshire, BHFC, BNSF, and BHE[273](index=273&type=chunk) - Capital expenditures for property, plant, and equipment were **$9.1 billion** in the first half of 2025, with BNSF and BHE forecasting an additional $8.8 billion for the remainder of the year[276](index=276&type=chunk) [Critical Accounting Estimates](index=48&type=section&id=Critical%20Accounting%20Estimates) Management highlights significant judgment required for insurance loss liabilities and goodwill impairment assessments - Estimated liabilities for unpaid property and casualty insurance losses were **$150.5 billion** at June 30, 2025, where small percentage changes can materially affect earnings[281](index=281&type=chunk) - Goodwill of acquired businesses was **$84.3 billion**, with seven reporting units holding **$18.6 billion in goodwill** considered more susceptible to future impairment[282](index=282&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk exposures since its 2024 year-end filing - There were **no material changes** in market risks as of June 30, 2025, compared to the disclosures in the 2024 Form 10-K[288](index=288&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of Q2 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures are **effective**[289](index=289&type=chunk) - **No significant changes** were made to internal controls over financial reporting during the quarter[289](index=289&type=chunk) [Part II – Other Information](index=49&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions, primarily related to wildfire and antitrust claims at its subsidiaries - The company references Note 22 for details on significant litigation but believes pending legal actions **will not have a material effect** on its consolidated financial condition or results of operations[290](index=290&type=chunk)[291](index=291&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) The company's significant business risks remain consistent with those disclosed in its 2024 annual report - The company's significant business risks are described in its **2024 Form 10-K**, and no updates are provided in this report[292](index=292&type=chunk) [Issuer Repurchases of Equity Securities](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20and%20Issuer%20Repurchases%20of%20Equity%20Securities) No shares were repurchased during the second quarter of 2025, though the repurchase program remains active - **No Class A or Class B shares were repurchased** during the second quarter of 2025[293](index=293&type=chunk) - The repurchase program has no expiration date but is contingent on price relative to intrinsic value and maintaining a **minimum liquidity level of $30 billion**[293](index=293&type=chunk)[294](index=294&type=chunk) [Earnings Release](index=56&type=section&id=Earnings%20Release) The company reported Q2 2025 net earnings of $12.4 billion, highlighting the difference between GAAP results and operating earnings - Management states that the amount of investment gains or losses in any given quarter is **"usually meaningless"** and can be **"extremely misleading"** to investors, advocating for the use of operating earnings[319](index=319&type=chunk)[324](index=324&type=chunk) - Insurance float, the net liabilities assumed under insurance contracts, was approximately **$174 billion** at June 30, 2025, an increase of $3 billion since the end of 2024[321](index=321&type=chunk) GAAP Net Earnings vs. Operating Earnings (in millions) | Metric | Q2 2025 | Q2 2024 | First Six Months 2025 | First Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Earnings (GAAP)** | **$12,370** | **$30,348** | **$16,973** | **$43,050** | | Less: Investment gains (losses) | $4,970 | $18,750 | $(68) | $20,230 | | Less: Impairment of Kraft Heinz | $(3,760) | $— | $(3,760) | $— | | **Operating Earnings (Non-GAAP)** | **$11,160** | **$11,598** | **$20,801** | **$22,820** | Operating Earnings by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | First Six Months 2025 | First Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Insurance-underwriting | $1,992 | $2,263 | $3,328 | $4,861 | | Insurance-investment income | $3,367 | $3,320 | $6,260 | $5,918 | | BNSF | $1,466 | $1,227 | $2,680 | $2,370 | | Berkshire Hathaway Energy | $702 | $655 | $1,799 | $1,372 | | Manufacturing, service and retailing | $3,601 | $3,380 | $6,661 | $6,468 | | Other | $32 | $753 | $73 | $1,831 | | **Total Operating Earnings** | **$11,160** | **$11,598** | **$20,801** | **$22,820** |

有着"股神"称号的沃伦·巴菲特旗下伯克希尔哈撒韦公司(BRK.A.US)将于周六公布业绩报告，国际大行瑞银(UBS)绩前发布看涨研报唱多该公司，并且押注巴 菲特所掌舵的这家投资巨擘可能打破所谓的"八月魔咒"——即有望在标普500指数因高估值重压、关税导致的经济前景模糊以及季节性抛售因素共同来袭的 八月疲软期实现大举逆势上行。瑞银在最新研报中将伯克希尔的12个月目标股价小幅上调至595美元(B股)，对应A股约892,120美元，并重申对伯克希尔 的"买入"评级。截至周四收盘，伯克希尔B股收于471.88美元。 近期铁路行业出现重大整合信号：美国铁路运输领军者联合太平洋 (UNP.US) 有意并购诺福克南方 (NSC.US)。瑞银分析认为，这可能促使伯克希尔采取防御 性举措，考虑收购另一家东部铁路巨头CSX。CSX目前约按2026年收益20倍市盈率交易，若给予25%~35%的收购溢价，交易规模估计在820~880亿美元，相 当于伯克希尔约24%~26%的现金储备。瑞银测算此并购对伯克希尔2026年盈利有明显增厚效应——假设合理的协同增长效应，将提高当年经营净利约8%。 这笔潜在交易不仅有助于BNSF扩张至全美跨洲 ...

瑞银表示，伯克希尔哈撒韦GEICO保险业务将彰显超预期增长韧性，BNSF铁路运营利润率则有望实现逆势扩张，能源与制造双引擎推动伯克希尔非保险业 务长期维稳，更重要的是创纪录现金储备——瑞银预计年底前该公司现金流数字将从史无前例的3400亿美元进一步攀升至约3460亿美元，带来无比庞大的并 购展望空间、股债市场投资规模扩张以及股票回购想象空间，这些因素共同显现出多元化积极看涨的投资前景并且全面彰显出伯克希尔"安全避风港"这一强 大的避险投资属性。 智通财经APP获悉，有着"股神"称号的沃伦·巴菲特旗下伯克希尔哈撒韦公司(BRK.A.US)将于周六公布业绩报告，国际大行瑞银(UBS)绩前发布看涨研报唱多 该公司，并且押注巴菲特所掌舵的这家投资巨擘可能打破所谓的"八月魔咒"——即有望在标普500指数因高估值重压、关税导致的经济前景模糊以及季节性 抛售因素共同来袭的八月疲软期实现大举逆势上行。瑞银在最新研报中将伯克希尔的12个月目标股价小幅上调至595美元(B股)，对应A股约892,120美元，并 重申对伯克希尔的"买入"评级。截至周四收盘，伯克希尔B股收于471.88美元。 在美股市场乃至MSCI全球股市屡创新高且 ...

Berkshire Hathaway has long been Warren Buffett's investment vehicle, but that's about to change. Berkshire Hathaway's (BRK.A -0.33%) (BRK.B -0.56%) long-term performance is nothing short of incredible. Indeed, Chief Executive Officer Warren Buffett's guidance has resulted in shocking outperformance of the S&P 500 index (^GSPC -0.37%). Buffett is the reason that most investors look to buy Berkshire Hathaway stock. And it's now one of several issues that need close watching if you are looking at Berkshire Ha ...

Group 1: Bank of America (BofA) - Warren Buffett has sold over 401 million shares of Bank of America, representing approximately 39% of his position, which was originally over 1.03 billion shares [8] - The selling activity is part of a broader trend where Buffett has been a net seller of equities, with $174.4 billion more in stocks sold than purchased since October 2022 [6] - Profit-taking may explain the aggressive selling, as Buffett indicated concerns about rising corporate income tax rates, which could impact BofA's sizable unrealized gains [9] - BofA is particularly sensitive to changes in interest rates, benefiting from rate increases during inflation but facing risks as the Federal Reserve enters an easing cycle [11] - The valuation of BofA has changed significantly since Berkshire first invested, with the stock now trading at a 31% premium to book value, compared to a 62% discount at the time of initial investment [13] Group 2: Pool Corporation - Berkshire Hathaway has been purchasing shares of Pool Corporation for three consecutive quarters, with a total stake now at 1,464,000 shares [16] - Pool Corporation has shown remarkable long-term performance, with shares gaining over 35,000% since its IPO, and nearly 48,000% when including dividends [16] - The company's business model is characterized by recurring revenue streams from maintenance products, making sales and cash flow highly predictable [18] - Pool Corporation is investing in digitization through its software platform, Pool360, which has increased its contribution to net sales from over 12% to more than 16% [19] - The company has a strong capital-return program, spending significantly on share repurchases and dividends, which aligns with Buffett's investment philosophy [20] - Pool Corporation is currently valued at nearly 28 times forward-year earnings, suggesting that its stock may not be considered a bargain by Buffett's standards [21]

Group 1 - Elon Musk remains the richest person with a net worth of $407.3 billion, experiencing a decrease of $1.2 billion or 0.3% [1] - Larry Ellison ranks second with a net worth of $296.7 billion, increasing by $1.58 billion or 0.2% [1] - Jeff Bezos is third with a net worth of $242.9 billion, down by $7.42 billion or 0.3% [1] - Mark Zuckerberg's net worth is $240 billion, decreasing by $1.6 billion or 0.68% [1] - Larry Page has a net worth of $161.5 billion, increasing by $6.95 billion or 0.43% [1] Group 2 - Nvidia's CEO Jensen Huang has a net worth of $156 billion, increasing by $3.2 billion or 2.12% [1] - Sergey Brin, co-founder of Google, has a net worth of $154.1 billion, increasing by $650 million or 0.42% [1] - Bernard Arnault's family has a net worth of $146.1 billion, increasing by $1.4 billion or 0.97% [1] - Steve Ballmer, former CEO of Microsoft, has a net worth of $144.2 billion, increasing by $149 million or 0.1% [1] - Warren Buffett's net worth is $142.2 billion, increasing by $9.32 million or 0.07% [1] Group 3 - Michael Dell has a net worth of $133 billion, increasing by $1.1 billion or 0.81% [1] - Rob Walton and family have a net worth of $116.6 billion, decreasing by $6.78 billion or 0.58% [3] - Jim Walton and family have a net worth of $115.6 billion, decreasing by $6.77 billion or 0.58% [3] - Amancio Ortega has a net worth of $115.4 billion, decreasing by $1 billion or 0.9% [3] - Bill Gates has a net worth of $115.2 billion, decreasing by $1.7 billion or 1.42% [3]