Buffett's Berkshire, hurt by Kraft Heinz, posts massive quarterly loss (+FINDS NO FAIR-PRICED BUYOUT TARGETS)
2019-02-23 — cnn.com
A rough ride for the stock markets at the end of last year battered Warren Buffett's Berkshire Hathaway: It posted a rare net loss of $25 billion for the fourth quarter.
Troubles at Kraft Heinz also cut deeply into the investing giant's bottom line. In his annual letter to investors posted Saturday, Buffett said the company took a $3 billion write down last year "arising almost entirely from our equity interest in Kraft Heinz.
The loss was driven by big price declines in Berkshire's investment portfolio, including Apple, which remains its largest holding.
Buffett said Berkshire does not see any potential takeover targets in the coming year -- but the firm is hungry to make an "elephant-sized acquisition."
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