Warren Buffet focuses on "Tangible Assets" because the balance sheet shows that the "Tangible Assets" have held steady at $7 billion. But, because of his over-payment and the value of long term patents and licenses, the total of "Intangible Assets and Goodwill" was over $104 billion in 2107 and, after write-downs dropped to $96 billion in 2018. In 2019, another write-down of over $16 billion dropped the total dramatically again. So, with Total Assets of over $120 billion in 2017, only $7 billion of the total was real enough to be defined as "Tangible Assets". This signifies that he and others acquired this company with vast overpayments - recorded as accumulated Goodwill.

- Warren Buffet is proud to say that the Earnings are $6 billion on $7 billion of Tangible Assets (an attractive rate of return of about an 85%) because the return on "INVESTED ASSETS (tangible plus intangible assets of $120 billion) is a measly and unattractive rate of 5%. This is the penalty for overpayment upon acquisition.

- BTW, there are reports that Warren Buffet borrowed billions of dollars to finance this acquisition. Using such financial leverage for an acquisition can be seen as ingenious and clever, but the acquired company must "earn" enough cash to pay for the interest on the loans as well as providing a return on the investment itself. Kraft Heinz is severely underperforming by this measure.

- Indeed, Warren Buffet has to subsidize the acquisition through the funding of interest payments due on these acquisition-based loans. Such subsidies only serve to increase the overpayment scenario. So, while his financial investment in this overpayment continues to grow, they are forced to take write-downs against the Goodwill account to reduce the overall asset value of the company.

- Their long-term strategy must focus on growing the sales and the net income of the company so that the stock price will grow. A higher stock price will lead enhance divestiture strategy to sell their stock or to seek an acquisition from another source. The success of these strategies seems very improbable at this stage. One can only assume that the write-downs provide a tax-favored loss that can offset the profits on their other investments.

They can tolerate these losses because these losses "shelter" their other taxable income. This enables them to pay lower taxes overall while still earning attractive cash returns on their other investments. Eventually, they want all their investments to earn a profitable return.

As we see in Warren Buffet's charming and approachable style, this billionaire has many similar experiences. He realizes that not every one of his investments has been a success. He's seasoned enough to handle a mistake. He realizes that this was a huge mistake. Compared to all his successes, however, this mistake, which he personally embraces, will not measurably impact his financial wealth or his lifestyle.

Warren Buffet is a genius of renowned who plays the ukulele and personally secured operational ownership of Dairy Queen and Orange Julius because he loves their products. His company also purchased the local jewelry chain Ben Bridge Jewelers and insisted that they make no changes in the family control of this icon of the Northwest.

PLEASE SUMMARIZE IN YOUR OWN WORDS.