伯克希尔财报公布 巴菲特连续第11季净卖股

Core Viewpoint - Berkshire Hathaway reported a slight decline in Q2 operating profit and warned that high tariffs imposed by the U.S. government could negatively impact its business [1][12]. Financial Performance - Q2 revenue was $92.515 billion, down from $93.653 billion in the same period last year [2]. - Excluding investment-related items, Q2 operating profit was $11.16 billion, lower than $11.6 billion year-over-year, primarily due to weak insurance underwriting profits [2]. - Currency fluctuations negatively impacted post-tax operating profit by $877 million, contrasting with a $446 million gain from a strong dollar in the previous year [2]. - If currency effects are excluded, Q2 operating profit would actually be higher than the previous year [3]. - Net profit for Q2 was $12.37 billion, a significant drop from $30.3 billion in the same period last year [4]. Cash Flow and Investment Strategy - Cash reserves remained high at $344.1 billion, slightly below the $347 billion reported at the end of March [6]. - The substantial cash reserve provides ammunition for future acquisitions but highlights the difficulty in finding reasonably priced investment targets in the current high-valuation market [7]. - The company has net sold stocks for the 11th consecutive quarter, with total stock sales amounting to approximately $6.92 billion and purchases at $3.9 billion [8]. - The fair value of the top five holdings accounts for 67% of the portfolio, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [8]. - Despite a 10% decline in Berkshire's Class A shares since reaching a record high on May 2, the company has not repurchased any shares in the first half of the year, maintaining a cautious stance [9][10]. Impairment and Future Outlook - Berkshire significantly reduced the book value of its Kraft Heinz holdings, recording an impairment loss of $3.8 billion, bringing the holding value down to $8.4 billion [11]. - The company expressed serious concerns regarding the potential impacts of U.S. tariff policies on its operations, indicating that most, if not all, of its operating businesses and equity investments could face adverse effects [12]. - This quarterly report is the first since Warren Buffett announced plans to step down as CEO at the end of the year, with current Vice Chairman Greg Abel set to take over [13].