Billionaire US investor Warren Buffett said his company Berkshire Hathaway completely exited its stakes in the four major US airlines, as the coronavirus pandemic pushed the vaunted investment firm to $US49.7 billion quarterly loss.
"The world changed for airlines and I wish them well," Buffett said Saturday. He clarified that he made the decision and that he lost money on his investments. "That was my mistake."Buffett's had a complicated relationship with the airline industry over the years. After a troublesome investment in USAir, Buffett joked that he would call an 800 number to declare he was an "air-o-holic" if he ever got the urge to invest in airlines again.
"The airline business - and I may be wrong and I hope I'm wrong - but I think it's changed in a very major way," Buffett said. "The future is much less clear to me."
thebhumilsoni DUH and get back there...
still a billionaire though.
So he's not God 😂💀
It wasn't the airline stake that pushed Buffett to a 'loss' it was an accounting rule that requires Berkshire to mark securities at market prices. Some of those went down in price. He didn't sell those so he didn't lose anything. He made a relatively small loss selling airlines
God forbid he ride it out like the rest of us. Or you know use his insanely incredible wealth to find a cure/vaccine. 🤷🏻♀️