Core Viewpoint - Berkshire Hathaway has experienced a significant decline in stock price since Warren Buffett announced his retirement, with a 16% drop in A shares from $809,300 to $690,000, while the S&P 500 rose by 11% during the same period [1][3]. Group 1: Stock Performance - The stock price of Berkshire Hathaway has underperformed the market to a rare extent not seen since 1990, with only worse performance occurring during the early COVID-19 pandemic and major financial crises [3]. - The "Buffett premium" associated with Berkshire Hathaway is rapidly diminishing, as the stock was once viewed as a safe haven but has since seen a decline in investor interest [4][5]. Group 2: Business Operations - Despite the decline in stock price, Berkshire Hathaway's core businesses, including BNSF Railway and utilities, have shown profit growth in the second quarter [5]. - The company's valuation reached a rare high earlier this year, with a price-to-book ratio of 1.8, the highest since October 2008, before the recent downturn [5]. Group 3: Investor Sentiment - Investors are shifting their focus towards technology stocks, which are not a strong suit for Buffett, leading to a decrease in demand for Berkshire shares [5]. - Notable investor Duan Yongping has sold put options on Berkshire B shares, indicating a belief that this strategy will outperform the S&P 500 [6][7].