巴菲特二季度净收益狂降59%！卡夫亨氏减值38亿，现金储备三年首降

Core Insights - Berkshire Hathaway's Q2 2025 financial report reveals unexpected declines in revenue and net income, with revenue at $92.515 billion, down from $93.653 billion year-over-year, and net income dropping 59% from $30.348 billion to $12.370 billion [1] Group 1: Investment Performance - Berkshire's investment in Kraft Heinz has faced significant setbacks, with a $3.8 billion impairment loss recorded, reducing the book value of its holdings to $8.4 billion [3] - Kraft Heinz's stock has plummeted 62% since its merger in 2015, contrasting sharply with the S&P 500's 202% increase during the same period [3] - The company is grappling with challenges such as inflation affecting consumer spending and a shift towards healthier alternatives, prompting considerations for divesting parts of its business [3] Group 2: Operational Performance - Berkshire's operating profit fell 4% year-over-year to $11.16 billion, primarily due to declines in the insurance underwriting business [4] - Despite profit increases in sectors like railroads, energy, manufacturing, services, and retail, these gains were insufficient to offset the negative impact from the insurance sector [4] - The company's cash reserves decreased slightly from $347 billion to $344.1 billion, marking the first decline in three years, indicating a scarcity of suitable investment opportunities [4] Group 3: Market Strategy - Berkshire has net sold stocks for the 11th consecutive quarter and did not repurchase any shares in the first half of 2025, reflecting Warren Buffett's concerns about current market valuations [4] - The top five holdings of the company as of the end of Q2 include American Express, Apple, Bank of America, Coca-Cola, and Chevron [4]