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深夜!伯克希尔,重大突发!

Core Viewpoint - Berkshire Hathaway's Q2 financial results show a mixed performance with strong revenue but significant declines in net profit and investment income, highlighting challenges in certain business segments and investment decisions [2][4][5]. Financial Performance - Q2 revenue reached $92.515 billion, exceeding market expectations of $91.963 billion, but down from $93.653 billion year-on-year [4]. - Net profit was $12.37 billion, a 59% year-on-year decline, yet above market expectations of $10.703 billion [4]. - Investment income fell to $4.97 billion, down over 73% year-on-year [2][4]. - Cash reserves slightly decreased from $347 billion to $344.1 billion, marking the first decline in three years [2][4]. Business Segment Analysis - BNSF Railway reported operating income of $1.47 billion, a 19% increase year-on-year, reflecting a recovery in U.S. goods transportation demand [4]. - Berkshire's energy segment contributed $702 million in operating profit, up 7.2% year-on-year [4]. - Manufacturing, service, and retail sectors generated $3.6 billion in profit, a 6.5% increase year-on-year [4]. - Insurance underwriting profit was $2.5 billion, impacted by $1.2 billion in losses from Southern California wildfires, with insurance revenue down 12% year-on-year [5]. Investment Decisions - A significant impairment loss of $3.8 billion was recognized on the investment in Kraft Heinz, marking it as one of Buffett's few investment missteps [7][8]. - Berkshire's stake in Kraft Heinz has seen a 62% decline since the merger in 2015, while the S&P 500 has risen over 200% in the same period [7][8]. - Berkshire has been net selling stocks for 11 consecutive quarters, with $3 billion in stock sales in Q2, and did not engage in stock buybacks during this period [11]. Market Sentiment and Future Outlook - Concerns over the transition of leadership as Buffett plans to step down as CEO by the end of 2025 have led to a decline in stock price, with a drop of over 12% since the announcement [12][13]. - Analysts express worries about the "Buffett premium" diminishing, alongside fears of a peak in the property casualty insurance cycle and a lack of new investment activities [14].