Berkshire takes $3.8 billion Kraft Heinz writedown, profit falls

Berkshire takes $3.8 billion Kraft Heinz writedown, profit falls

Warren Buffett’s Berkshire Hathaway said on Saturday it took a $3.76 billion writedown on its stake in Kraft Heinz during the second quarter, an acknowledgment the decade-old investment hasn’t worked out. Berkshire also reported a 4% decline in quarterly operating profit as insurance underwriting premiums fell. The writedown and lower gains from common stocks caused a 59% drop in overall…

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