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Warren Buffett said he remains convinced that nothing can stop the United States and that America will recover from the Covid-19 pandemic — just as it did following other crises of the past century.
But the billionaire Berkshire Hathaway (BRKA) CEO disclosed Saturday that Berkshire Hathaway recently sold its entire stakes in the four airline stocks that company had owned, calling it a mistake to invest in the industry.
Berkshire Hathaway revealed in early April that it trimmed its stakes in Delta (DAL) and Southwest (LUV). Both stocks are sharply lower in premarket trading.
But in response to a question from a Berkshire shareholder, Buffett said the company sold all its shares in Delta and Southwest, as well as United (UAL) and American (AAL), because he believes it will take years for air travel to recover.
Buffett, who has long been bullish on the US economy and stock market, spoke at the company’s annual shareholder meeting from a virtually empty CHI Health Center in Omaha Saturday.
