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 [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) Presents Berkshire Hathaway Inc.'s unaudited consolidated financial statements as of June 30, 2025, with notes on accounting policies and key financial data Consolidated Balance Sheet Summary (As of June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | **Total Assets** | **$1,163,968** | | Cash, cash equivalents, and U.S. Treasury Bills | $339,798 | | Investments in equity securities | $267,923 | | **Total Liabilities** | **$493,692** | | Insurance unpaid losses & loss adjustment expenses | $150,521 | | Notes payable and other borrowings | $127,020 | | **Total Shareholders' Equity** | **$670,276** | Consolidated Earnings Summary (First Six Months 2025 vs 2024) | Metric | First Six Months 2025 (in millions) | First Six Months 2024 (in millions) | | :--- | :--- | :--- | | **Total Revenues** | **$182,240** | **$183,522** | | Investment Gains (Losses) | ($71) | $25,733 | | **Net Earnings Attributable to Berkshire Shareholders** | **$16,973** | **$43,050** | | Net Earnings per Average Equivalent Class A Share | $11,801 | $29,936 | - Net cash flows from operating activities were **$21.0 billion** for the first six months of 2025, a decrease from **$24.2 billion** in the same period of 2024, while investing activities shifted to a positive **$33.0 billion** from a negative **$10.7 billion**[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail financial statement preparation, accounting policies, and key financial items, including a **$5.0 billion** Kraft Heinz impairment and major legal updates - In Q2 2025, the company recorded a pre-tax impairment loss of approximately **$5.0 billion** on its investment in The Kraft Heinz Company, reducing its carrying value to fair value[47](index=47&type=chunk) - As of June 30, 2025, the five largest equity holdings represented **67%** of the total equity portfolio fair value[36](index=36&type=chunk) - PacifiCorp has recorded cumulative estimated probable losses of approximately **$2.75 billion** related to the 2020 and 2022 Wildfires, with **$1.37 billion** paid in settlements through June 30, 2025[140](index=140&type=chunk)[141](index=141&type=chunk) - HomeServices reached a nationwide class settlement agreement in April 2024 regarding antitrust litigation, agreeing to payments aggregating **$250 million** over four years[144](index=144&type=chunk) - There were no share repurchases during the first six months of 2025, but the repurchase program remains active, contingent on consolidated cash holdings remaining above **$30 billion**[113](index=113&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and first six months 2025 results, highlighting mixed operating earnings, a strong financial condition with **$668 billion** equity, and investment volatility Net Earnings Attributable to Berkshire Shareholders (After-Tax, in millions) | Category | Q2 2025 | Q2 2024 | YTD 2025 | YTD 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 | | Investment gains (losses) | $4,970 | $18,750 | ($68) | $20,230 | | Other-than-temporary impairment (Kraft Heinz) | ($3,760) | $— | ($3,760) | $— | | **Total Net Earnings** | **$12,370** | **$30,348** | **$16,973** | **$43,050** | - Management emphasizes that investment gains and losses are generally **meaningless** in understanding periodic results or evaluating economic performance and will continue to cause **significant volatility** in periodic earnings[169](index=169&type=chunk)[262](index=262&type=chunk) - The company's financial condition remains robust, with shareholders' equity at **$668 billion** as of June 30, 2025, an increase of **$18.6 billion** since year-end 2024, and **$339.8 billion** in cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses[270](index=270&type=chunk)[272](index=272&type=chunk) [Insurance Operations](index=33&type=section&id=Insurance%20Operations) Underwriting earnings decreased by **$1.5 billion** due to wildfire losses, while GEICO performed strongly and insurance float increased to **$174 billion** - Net underwriting earnings for the first six months of 2025 were **$3.3 billion**, down from **$4.9 billion** in 2024, largely due to approximately **$850 million** in after-tax losses from Southern California wildfires[166](index=166&type=chunk)[174](index=174&type=chunk) - GEICO's pre-tax underwriting earnings for the first six months of 2025 were **$4.0 billion**, up from **$3.7 billion** in 2024, benefiting from higher average premiums and a **2.9 percentage point** decrease in the loss ratio[176](index=176&type=chunk)[177](index=177&type=chunk) - BH Primary experienced a pre-tax underwriting loss of **$81 million** in the first six months of 2025, a sharp reversal from a **$765 million** gain in 2024, driven by approximately **$300 million** in wildfire losses and a **$401 million** increase in estimated ultimate losses for prior years' claims[181](index=181&type=chunk)[183](index=183&type=chunk) - Insurance float was approximately **$174 billion** at June 30, 2025, an increase of **$3 billion** since December 31, 2024[202](index=202&type=chunk) [BNSF](index=38&type=section&id=BNSF) BNSF's net earnings increased **13.1%** to **$2.7 billion** in H1 2025, driven by lower operating expenses and a lower tax rate, despite declining average revenue per unit BNSF Earnings Summary (First Six Months) | Metric (in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Railroad operating revenues | $11,402 | $11,361 | | Railroad operating expenses | $7,568 | $7,818 | | **Net earnings** | **$2,680** | **$2,370** | - Total freight volumes for the first six months of 2025 increased by **2.7%** compared to 2024, with Consumer Products up **4.5%** and Coal up **7.3%**, while Industrial Products declined **4.7%**[207](index=207&type=chunk) - Railroad operating expenses declined **3.2%** in the first six months of 2025, primarily due to a **12.4%** decrease in fuel expenses and lower costs from litigation accruals and cost management efforts[212](index=212&type=chunk) [Berkshire Hathaway Energy (BHE)](index=39&type=section&id=Berkshire%20Hathaway%20Energy%20%28BHE%29) BHE's net earnings increased **31.1%** to **$1.8 billion** in H1 2025, driven by higher U.S. utilities earnings and reduced real estate brokerage losses BHE Net Earnings Attributable to BHE (After-Tax, in millions) | Segment | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | U.S. utilities | $862 | $643 | 34.1% | | Natural gas pipelines | $671 | $733 | (8.5)% | | Other energy businesses | $650 | $661 | (1.7)% | | Real estate brokerage | $30 | ($116) | N/A | | **Total** | **$1,802** | **$1,510** | **19.3%** | - The increase in U.S. utilities earnings was supported by a **3.3%** rise in retail customer volumes and higher rates, despite ongoing wildfire-related costs from prior periods[220](index=220&type=chunk)[221](index=221&type=chunk) - Real estate brokerage earnings improved by **$146 million** year-to-date, primarily due to charges in 2024 related to litigation settlements[224](index=224&type=chunk) [Manufacturing, Service and Retailing](index=41&type=section&id=Manufacturing%2C%20Service%20and%20Retailing) Manufacturing, Service, and Retailing segments reported a **3.0%** increase in after-tax earnings for H1 2025, with mixed performance across sub-segments Manufacturing, Service and Retailing Pre-Tax Earnings (First Six Months, in millions) | Category | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Manufacturing | $5,963 | $6,043 | (1.3)% | | Service and retailing | $2,690 | $2,453 | 9.7% | | **Total** | **$8,653** | **$8,496** | **1.8%** | - Within Industrial Products, PCC's pre-tax earnings grew **38.7%** year-to-date on strong aerospace demand, while Lubrizol's earnings fell **18.7%** due to lower volumes and higher costs[233](index=233&type=chunk)[234](index=234&type=chunk) - Building Products earnings declined **7.6%** pre-tax year-to-date due to slowing customer demand and pricing pressures, with Clayton Homes' earnings falling **3.7%** from higher interest expense and credit loss provisions[239](index=239&type=chunk)[241](index=241&type=chunk) - Service group pre-tax earnings rose **12.5%** year-to-date, led by aviation services and TTI, while Pilot's revenues declined **19.5%** but pre-tax earnings increased **6.7%**[250](index=250&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks as of June 30, 2025, compared to the prior year's annual report - As of June 30, 2025, there were no material changes in the market risks described in Berkshire's Annual Report for the year ended December 31, 2024[288](index=288&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls are effective, with no significant changes to internal control over financial reporting during the quarter - Based on an evaluation 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 the company's internal control over financial reporting during the second quarter[289](index=289&type=chunk) Part II – Other Information [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions, with significant litigation details in Note 22, expecting no material financial effect - The company is involved in routine legal actions arising from the normal course of business and does not believe they will have a material effect on its financial condition[290](index=290&type=chunk) - For information on significant litigation involving Berkshire subsidiaries, the report refers to Note 22 of the Consolidated Financial Statements[291](index=291&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Refers to significant business risks detailed in the company's Form 10-K for 2024, with no material updates - The report references Item 1A of the Form 10-K for the year ended December 31, 2024, for a description of significant business risks[292](index=292&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and 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 share repurchases in Q2 2025, but the program remains active, contingent on cash holdings staying above **$30 billion** - No Class A or Class B shares were repurchased during the second quarter of 2025[293](index=293&type=chunk) - The stock repurchase program remains active, allowing for repurchases when the price is below intrinsic value, provided that cash and U.S. Treasury Bill holdings do not fall below **$30 billion**[294](index=294&type=chunk) [News Release](index=56&type=section&id=News%20Release) Summarizes Berkshire Hathaway's Q2 and H1 2025 results, emphasizing operating earnings over GAAP net earnings due to investment volatility, with insurance float at **$174 billion** Operating Earnings Summary (After-Tax, in millions) | Category | Q2 2025 | Q2 2024 | YTD 2025 | YTD 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 | | **Operating earnings** | **$11,160** | **$11,598** | **$20,801** | **$22,820** | - Management emphasizes that investment gains/losses included in GAAP net earnings are often **meaningless** for analysis and can be **misleading**, and therefore presents operating earnings as a **more useful measure** of business performance[319](index=319&type=chunk)[323](index=323&type=chunk) - Insurance float was approximately **$174 billion** at June 30, 2025, an increase of **$3 billion** since the end of 2024[321](index=321&type=chunk)

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, is expected to defy the "August curse" and report strong earnings, supported by robust cash reserves and diverse business operations [1][8] Group 1: Earnings and Financial Performance - UBS has raised Berkshire's 12-month target price to $595 for B shares, indicating a positive outlook despite market challenges [1] - Berkshire's insurance segment, particularly GEICO, is anticipated to show significant improvement, with a projected combined ratio of about 83% by Q2 2025, down from a target of 96% [3] - The company is expected to see revenue growth from $301.953 billion in 2022 to $386.843 billion by 2028, with net earnings projected to rise from $30.793 billion to $48.990 billion in the same period [6] Group 2: Business Segments and Growth Drivers - The BNSF railway is expected to maintain stable operations, with a projected operating profit margin increase of approximately 1.2 percentage points despite a slowdown in freight volume growth [3] - Berkshire's diverse business model includes both cyclical sectors like manufacturing and defensive sectors such as insurance and utilities, providing a buffer against economic downturns [2][9] Group 3: Strategic Opportunities and Market Position - There are indications of potential consolidation in the railway industry, with Berkshire possibly considering acquiring CSX, which could enhance its operational network and profitability [4][5] - Berkshire's substantial cash reserves, projected to increase from $340 billion to $346 billion by year-end, provide significant opportunities for acquisitions and stock buybacks, reinforcing its position as a "safe haven" investment [1][9]

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]

半导体设备与材料、减肥药概念股跌幅居前，诺和诺德跌近6%，科磊跌近5%，阿斯麦跌超3%，礼来、 辉瑞跌超2%。设计软件巨头Figma上市首日上涨256%。 格隆汇8月1日｜美股三大指数集体收跌，道指跌0.74%，纳指跌0.03%，标普500指数跌0.37%，热门科 技股涨跌不一，Meta涨超11%，微软涨3.95%，亚马逊涨1.70%，特斯拉跌3.38%，谷歌A跌2.36%，英伟 达跌0.78%，苹果跌0.71%，礼来制药跌2.63%，AMD跌1.78%，伯克希尔哈撒韦B类股跌0.87%。 纳斯达克中国金龙指数收涨0.66%，热门中概股多数上涨，蔚来涨近8%，金山云涨超5%，阿里巴巴、 哔哩哔哩、百度涨超2%，理想汽车跌超1%，名创优品跌超4%。 ...

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]

Core Viewpoint - The article discusses the investment potential of Berkshire Hathaway's class B shares, weighing the arguments for and against purchasing the stock. Group 1: Arguments Against Buying Berkshire Hathaway - Warren Buffett is not currently buying Berkshire Hathaway shares, which raises concerns about the stock's attractiveness [3] - The company's stock buybacks have ceased, indicating Buffett does not find the current valuation appealing, with a forward price-to-earnings multiple of nearly 24 compared to the S&P 500's 22.9 [5] - Buffett's impending departure as CEO may lead to a loss of the company's mystique, which could negatively impact investor sentiment [6] - Rapid technological advancements in sectors like AI and quantum computing may offer better growth prospects than Berkshire Hathaway [7] Group 2: Arguments For Buying Berkshire Hathaway - Berkshire Hathaway's shares are trading at 12.8 times trailing 12-month earnings, below the average of the past decade, suggesting potential value [8] - The transition to new CEO Greg Abel is expected to be smooth, as his investment philosophy aligns with Buffett's, and Buffett will remain as chairman [10] - Berkshire's diverse portfolio, including holdings in leading tech companies like Amazon, Apple, and BYD, positions it well to benefit from technological advancements [10] - The company's significant cash reserves of nearly $348 billion could make it a safe haven during potential market downturns [13]

Core Insights - Warren Buffett has transformed Berkshire Hathaway from a struggling textiles manufacturer into a $1 trillion conglomerate with a diverse portfolio, including subsidiaries like Dairy Queen and GEICO Insurance, and a $294 billion portfolio of publicly traded stocks and securities [1][2] Investment Strategy - Buffett favors companies with steady revenue growth, strong profits, and experienced management, particularly those with active dividend schemes and share buyback programs, which enhance cash flow generation [2] Historical Performance - An investment of $500 in Berkshire stock in 1965 would have grown to approximately $22.3 million by the end of 2024, compared to $171,453 for the same investment in the S&P 500 [3] Dividend Contributions - Three key dividend-paying stocks in Berkshire's portfolio represent 31.7% of its total value, expected to generate $2.1 billion in dividends in 2025 [4] American Express - American Express is projected to provide $479 million in dividends in 2025, with Berkshire holding 151.6 million shares valued at $47.2 billion, accounting for 16.1% of its portfolio [6][8][9] Chevron Corporation - Chevron is expected to contribute $811 million in dividends in 2025, with Berkshire owning 118.6 million shares worth $18.3 billion, representing 6.2% of its portfolio [10][11][13] Coca-Cola - Coca-Cola is anticipated to yield $816 million in dividends in 2025, with Berkshire holding 400 million shares valued at $27.6 billion, making up 9.4% of its portfolio [14][15][17] Leadership Transition - Buffett announced plans to step down as CEO at the end of 2025, passing leadership to Greg Abel, while remaining as chairman, raising questions about the future of Berkshire's investment strategy [18]