Warren Buffett sells all stocks in four major US airlines

Warren Buffett confirmed the conglomerate sold its entire stake in four major US airlines

Berkshire Hathaway sells all airline stocks. During an annual meeting, Warren Buffett confirmed the conglomerate sold its entire stake in four major US airlines [United, American, Southwest and Delta Airlines]. Buffett said the company’s airline position was a “mistake” and that people are less likely to travel as much as they did before the COVID19.

“When we bought [airlines], we were getting an attractive amount for our money. It turned out I was wrong about that business because of something that was not in any way the fault of four excellent CEOs. Believe me; no joy of being a CEO of an airline.” Buffett said.

“That isn’t because we thought the stock market was going to go down. I just decided that I’d made a mistake.” Buffett added.

“The world has changed for the airlines. And I don’t know how it’s changed and I hope it corrects itself in a reasonably prompt way,” Buffett said during Berkshire’s annual shareholder meeting.

“When we sell something, very often it’s going to be our entire stake: We don’t trim positions. That’s just not the way we approach it. If we like a business, we’re going to buy as much of it as we can and keep it as long as we can. And when we change our mind, we don’t take half measures.” Buffett explained