Legendary investor Warren Buffett who runs Berkshire Hathaway admitted he paid too much for Kraft-Heinz about 10 years ago and has taken a second write-down on the investment.
This time he wrote off $3.76 billion US during the company’s second quarter.
The write-down and lower gains from common stocks caused a 59 per cent drop in overall net income from $30.35 to $12.37 billion US.
Buffett, who is 94, has led Omaha, Nebraska-based Berkshire since 1965, though he plans to step down the end of the year.