Back in 2015, Warren Buffett said he and his partners at private equity firm 3G Capital still “have our work cut out for us for a couple of years” vis-à-vis Kraft Heinz, the food giant they created two years after buying Heinz in 2013. That still appears to be the case.

Kraft Heinz Co. on Thursday wrote down the value of its Kraft and Oscar Mayer brands by $15.4 billion, disclosed an investigation by federal securities regulators and slashed its dividend, sending its stock down more than 20% in after-hours trading....

“We were overly optimistic on delivering savings that did not materialize,” Chief Executive Bernardo Hees said on a conference call with investors.

On the bright side, that’s $4.3 billion Buffett no longer has to worry about how to spend.

Kraft Heinz Divulges SEC Investigation, Swings to Loss [WSJ]
Warren Buffett’s Berkshire Hathaway loses $4.3 billion in single day on Kraft Heinz plunge [CNBC]
Warren Buffett Can’t Find Anything Big to Buy [WSJ]