Buffett admits he overpaid for Kraft, after Kraft Heinz took a $15 billion charge-off that flowed through to Berkshire, but he won’t give up on finding more big acquisitions
Berkshire Hathaway’s Warren Buffett adjusts his bottom line with unconventional accounting, just like the Wall Street bankers and corporate CEOs he frequently criticizes for adjusting standard earnings to tell a better story. The difference is that Buffett doesn’t explicitly call the number he’d rather investors focus on an “adjusted EBITDA.” In his most recent letter to shareholders, Buffett claims his brand of earnings adjustment is a “far cry” from the presentations made by others.
Paul Zarowin, a professor of accounting at the Stern School of Business at New York University, told MarketWatch, “If Berkshire Hathaway is holding a lot of assets that are marked-to-market now, it makes sense that he would shift his focus to share price. A new emphasis on share repurchases is aligned with that.
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Kraft Heinz shares tank 20 percent after SEC probe and $15 billion write-downShares in Kraft Heinz are expected to plunge when markets open Friday, after the consumer goods company said it was being investigated by U.S. regulators and it reported a massive loss.
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Kraft Heinz fail leaves Buffett and 3G well fedEven after the Velveeta maker’s shares lost more than a quarter of their value, the investors who built it from their 2013 Heinz acquisition have made almost a 50 percent profit. No such luck for Kraft’s original investors. Over three years, they have barely broken even.
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Kraft Heinz plunges; Berkshire Hathaway earnings; Economy worriesToday’s top business headlines with ChristineRomans: - High level trade talks continue in Washington - Kraft-Heinz reveals SEC investigation - US existing home sales hit three-year low - Tesla Model 3 loses Consumer Reports recommendation
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