“近几十年来最大的失误之一”，巴菲特投错了？

Core Insights - Berkshire Hathaway, led by Warren Buffett, continues its conservative investment strategy by reducing stock holdings and increasing cash reserves [2][6] - The company reported a net stock sell-off of $6.92 billion in Q2, marking the 11th consecutive quarter of net stock sales [2][6] - Berkshire's cash reserves reached a record high of $344 billion by the end of June, up from $333 billion at the end of March [2][6] - The company has suspended its stock buyback program for the fourth consecutive quarter [2] Investment Write-Downs - Berkshire wrote down approximately $5 billion in its investment in Kraft Heinz, resulting in a $3.8 billion investment loss [2][3] - The book value of Berkshire's 27.4% stake in Kraft Heinz was significantly reduced from $13.5 billion to $8.4 billion [3][4] - This marks the second write-down of Kraft Heinz's value since the merger in 2015, which Buffett acknowledged as one of his biggest investment mistakes [3][4] Financial Performance - Kraft Heinz reported a 1.9% decline in net sales and an operating loss of $8 billion in Q2 [4] - Berkshire's operating profit decreased by 3.8% year-over-year to $11.2 billion, with a 12% decline in core insurance business profits [6] Market Position and Strategy - Berkshire's cautious approach is reflected in its high cash balance, which is seen as a reason for its underperformance compared to the S&P 500 [6] - Analysts suggest that Buffett's reluctance to make new investments indicates limited attractive capital allocation opportunities [6] External Challenges - The company faces challenges from geopolitical and macroeconomic factors, including U.S. government tariffs affecting its consumer goods segment [7] - Berkshire has warned that uncertainties related to international trade policies and tariffs may impact its performance in the near future [7]