Subject: Kraft Heinz math
Interesting breakdown from Adam Mead’s. Watchlist Investing email:

“I've seen the headlines about Buffett's "big mistake" in buying Kraft. The *actual* record isn't that terrible. IRR of almost 6% is more of an opportunity cost loss than a major blunder. Berkshire paid $9.8 billion, collected $6.3 billion in dividends, AND still has an asset worth $8.8 billion.

Also, don't forget: Berkshire wrote *up* its investment by $6.8 billion in 2015 after the merger. That's conveniently forgotten when discussing the (admittedly many) goodwill impairments.”