Given Warren Buffett’s diet, it’s no surprise that he would perhaps value Kraft Heinz Co. and its stable of products more highly than the general public. And given the way things have been going and continue to go with the company, it’s a good thing that the Oracle of Omaha is sitting on so much gosh-darned cash.

Chicago-based Kraft Heinz said on Thursday that it had booked charges reducing the values of its assets by $1.22 billion for the first six months of its fiscal year…. “We’ve been too focused on the present and literally on firefighting,” Chief Executive Miguel Patricio told investors on a call. “We need to work on our competencies for the future.”

On the other hand, it could be worse. Not much worse, but a bit worse.

Uber’s $5.2 billion second-quarter loss is big on its face.... Among S&P 500 companies, only 26 lost money in 2018. The only three to lose more for the year than Uber lost in the second quarter were General Electric ($20.6 billion), Kraft Heinz ($10.2 billion) and Newell Brands ($6.8 billion).

Kraft Heinz Writes Down $1.2 Billion as Brand Wither [WSJ]
Berkshire Hathaway has $122 billion in cash [CNN]
Uber’s Q2 losses were bigger than total 2018 losses for all but three S&P 500 companies [CNBC]

Related

Getty Images

Warren Buffett: Mistakes Were Made

You know, in case you were under a different impression after a $15 billion write-down and 27.5% stock swoon.

Getty Images

Warren Buffett Defends Non-Existent Gun Investments

Don’t be ridiculous about Berkshire divesting from companies it doesn’t own but might if they get cheap enough.

Source: AP

Why Will No One Take Warren Buffett’s Gosh-Darned Money?

Uber has at last found a fundraising it can do without.

Getty Images

Buy $10,000 Worth Of Kraft Products, Get Free Ticket To Buffettstock

Warren’s got to get creative to save this thing.

Getty Images

Warren Buffett: Something Will Save The U.S. Economy, But It Won’t Be Him

In fact, it’s going to take some magic and a miracle. And probably a decade or two.