This translation has been automatically generated and has not been verified for accuracy.Berkshire Hathaway Inc sold its entire stakes in the four largest U.S. airlines in April, Chairman Warren Buffett said Saturday at the company’s annual meeting, saying “the world has changed” for the aviation industry.
The conglomerate was one of the largest individual holders in the four airlines and in 2016 disclosed it had begun investing in the four carriers after avoiding the sector for years.Airline stocks have been hard hit by the near collapse U.S. travel demand amid the coronavirus pandemic. Berkshire disclosed on April 3 it had sold about 18% of its Delta stake and 4% of its Southwest shares.
“We did not take out anything like $7 or $8 billion and that was my mistake,” Buffett said at the company’s annual meeting which was livestreamed. “I am the one who made the decision.”Delta said in a statement it was aware of the sale and has “tremendous respect for Mr. Buffett and the Berkshire team.
globebusiness Ouch! If he was lucky, he started buying AAL around $30, and sold around $12. Nobudy's prefect!
globebusiness The capitalist pig meets Donald the Butcher!
globebusiness Change of paradigm. Goodbye.
globebusiness Meh, I don’t believe it will last long but then again airlines are key to restarting the economy and we have the liar Bill_Morneau spewing lies like this....