“股神”巴菲特保持谨慎！连续11个季度抛售股票，遭遇“最大投资失败之一”

Core Viewpoint - Berkshire Hathaway reported a significant decline in net profit and warned about the uncertainties related to tariffs and international trade policies, which could adversely affect its operations and investment performance [1]. Financial Performance - In Q2, Berkshire achieved revenue of $92.515 billion, down from $93.653 billion year-on-year, but above market expectations of $91.963 billion [1]. - Operating profit was $11.16 billion, a 3.8% decrease year-on-year, attributed to lower underwriting profits from its insurance segment, despite growth in profits from railroads, energy, manufacturing, services, and retail [1]. - Net profit plummeted to $12.37 billion, a 59% drop from $30.348 billion in the same quarter last year, exceeding market expectations of $10.703 billion [1]. - Earnings per share were $8,601, surpassing market expectations of $7,443, but down from $21,122 year-on-year [1]. Investment Strategy - Berkshire's cash reserves decreased by 1% to $344 billion, marking the first decline in three years [1]. - The company continued a cautious approach to the stock market, net selling approximately $3 billion in stocks for the 11th consecutive quarter [1]. - The top five holdings accounted for 67% of the fair value, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [1]. - Berkshire reported stock investment gains of $6.4 billion, but experienced a net loss of $710 million in the first half of the year [1]. Impairment and Future Outlook - Berkshire recorded a $3.8 billion impairment on its investment in Kraft Heinz, reducing its book value from over $17 billion at the end of 2017 to $8.4 billion [2]. - Kraft Heinz's stock has declined by 62% since Berkshire's initial investment, while the S&P 500 has risen by 202% during the same period [2]. - Kraft Heinz is considering splitting some of its business units to address inflation impacts and changing consumer preferences [5]. - Analysts suggest that Berkshire may be preparing to exit this investment, with some viewing the impairment as a significant misstep for Buffett [6].