Core Viewpoint - Berkshire Hathaway has adopted a conservative investment strategy, continuing to reduce stock holdings and increase cash reserves, following Warren Buffett's announcement of his retirement as CEO, which has led to a 12% decline in A shares while the S&P 500 rose by 10% [1][2] Group 1: Financial Performance - In Q2, Berkshire sold $6.92 billion worth of stocks while purchasing $3.9 billion, marking the 11th consecutive quarter of net stock selling [1] - Cash reserves reached a record high of $344 billion by the end of June, up from $333 billion at the end of March [1] - The company has suspended stock buybacks for the fourth consecutive quarter [1] - Berkshire reported a 3.8% year-over-year decline in operating profit to $11.2 billion, with core insurance profits down 12% [6] Group 2: Investment in Kraft Heinz - Berkshire significantly reduced the book value of its 27.4% stake in Kraft Heinz from $13.5 billion to $8.4 billion, marking the second write-down since the merger in 2015 [2][3] - The investment in Kraft Heinz has been described as one of Buffett's biggest mistakes, with the stock price down 62% since the merger, while the S&P 500 has increased by 202% during the same period [2][3] - Despite the write-down, Berkshire has received approximately $6.3 billion in dividends from its investment in Kraft Heinz, yielding a return close to 60% on its ordinary stock investment [4][5] Group 3: Market Conditions and Strategy - Berkshire's cautious stance is attributed to limited attractive capital allocation opportunities, as Buffett has indicated difficulty in finding appealing investments [6] - The company has not repurchased any shares in the last four quarters, reflecting a continued wait-and-see approach [6] - The consumer goods sector, particularly impacted by U.S. government tariffs, has faced challenges, with companies like Jazwares reporting a 38.5% revenue decline [7] - Berkshire has warned that geopolitical and macroeconomic uncertainties could affect its performance, particularly regarding international trade policies and tariffs [7]
“股神”巴菲特投错了?伯克希尔减持卡夫亨氏股票,现金储备仍处于高位