伯克希尔，罕见大跌！

Core Insights - Berkshire Hathaway's stock price has experienced a rare significant decline due to disappointing earnings growth, a pause in stock buybacks, and substantial losses on its investment in Kraft Heinz [1][2]. Group 1: Stock Performance - On Monday, pre-market trading saw Berkshire Hathaway's Class A and B shares drop over 1%, with opening declines exceeding 3%. As of the report, Class A shares fell by 2.3% and Class B shares by 2.7% [2]. - Since the announcement of Warren Buffett's retirement at the end of the year, Berkshire's stock has been on a downward trend for over three months, with a cumulative decline of nearly 15% from its peak in early May [4]. Group 2: Financial Performance - The recent earnings report revealed unexpected declines in revenue and net profit, with operating profit, which Buffett values highly, also showing a decrease [2]. - Berkshire's investment in Kraft Heinz has resulted in significant losses, with the company writing down the book value of its Kraft Heinz shares to $8.4 billion, reflecting a book loss of $3.76 billion [2]. Group 3: Investment Strategy - Berkshire has not engaged in any stock buybacks this year, despite holding $344.1 billion in cash and having net sold stocks for 11 consecutive quarters, selling $4.5 billion in stocks in the first half of 2025 [3]. - Analysts suggest that the lack of aggressive buyback measures during the stock price decline may be due to the stock not being undervalued enough or the impact of the new 1% stock buyback tax under the Inflation Reduction Act, which increases repurchase costs [4]. Group 4: Leadership Transition - The upcoming transition to Greg Abel as CEO poses challenges in gaining investor trust, especially following Buffett's retirement announcement [4]. - Analysts believe that while Abel may eventually earn investor confidence, the absence of significant investment activities, potential large acquisitions, and stock buybacks in the recent quarter has been disappointing [4].