净利润暴跌近60%，巴菲特遭遇“滑铁卢”？仍囤积超2.4万亿元现金

Core Points - Berkshire Hathaway reported a significant decline in net earnings, with a 59% drop in net income attributable to shareholders for Q2 2025, amounting to $12.37 billion compared to $30.35 billion in the same period last year [6][8] - The company has not repurchased any shares in the first half of 2025, marking the 11th consecutive quarter of net stock sales [4][11] - Berkshire's cash reserves decreased slightly from $347 billion to $344.1 billion, the first decline in three years, indicating challenges in finding suitable investment opportunities [9][10] Financial Performance - Total revenues for Q2 2025 were $92.515 billion, a slight decrease from $93.653 billion in Q2 2024 [8] - Operating earnings fell by 4% year-over-year to $11.16 billion, primarily due to a decline in insurance underwriting [9] - Investment gains for the second quarter were reported at $6.364 billion, down from $23.857 billion in the previous year [8] Investment and Holdings - Berkshire's top five holdings as of Q2 2025 include American Express, Apple, Bank of America, Coca-Cola, and Chevron [4] - The company recorded a $3.76 billion impairment on its investment in Kraft Heinz, reflecting ongoing struggles with this investment [4][12] - Berkshire sold approximately $1.23 billion worth of VeriSign shares, reducing its stake from 14.2% to 9.6% [15][16] Management and Future Outlook - Warren Buffett announced plans to retire at the end of 2025, with Greg Abel recommended as his successor [18] - Concerns about the potential impact of international trade policies and tariffs on Berkshire's operations were highlighted, indicating significant uncertainty ahead [10][19] - The stock price of Berkshire has declined over 12% since the announcement of Buffett's retirement, raising concerns about the "Buffett premium" diminishing [19]