Kraft Heinz(US:KHC) 华尔街见闻·2025-08-03 11:28Core Viewpoint - Warren Buffett's investment in Kraft Heinz has seen a significant write-down, but due to favorable terms negotiated by Buffett, the overall outcome remains profitable for him despite the apparent loss [1][4][8]. Group 1: Investment Write-Down - Berkshire Hathaway disclosed a $3.8 billion write-down on its investment in Kraft Heinz, reducing its book value to $8.4 billion from over $17 billion at the end of 2017 [1]. - The write-down reflects a 62% decline in Kraft Heinz's stock price since its merger, contrasting sharply with a 202% increase in the S&P 500 during the same period [4]. - Analysts have described this write-down as one of Buffett's largest mistakes in decades, suggesting it was overdue [5]. Group 2: Overall Investment Performance - Despite the write-down, Buffett's total return on the investment is nearly 60% when accounting for dividends received, totaling approximately $6.3 billion over the years [8]. - Berkshire initially invested $4.3 billion in Heinz and increased its stake to $9.8 billion during the merger, with the current market value of its 27.4% stake at about $8.8 billion [8]. - Buffett also purchased $8 billion in preferred shares, which paid over $2 billion in dividends and were fully redeemed after three years, contributing to his overall profit [8]. Group 3: Comparison with Other Shareholders - Other shareholders who held Kraft Heinz stock since the merger have seen a total return of only 8% over ten years, highlighting Buffett's superior negotiating position [10]. - If those shareholders had invested in Unilever instead, their investment could have nearly doubled, illustrating the challenges faced by Kraft Heinz in a changing consumer landscape [11]. - The merger of two mediocre companies did not yield a strong entity, as Kraft Heinz is now facing a projected 3% revenue decline this year due to shifts towards healthier food options [11].