“In 2008 and ’09, our economic train went off the tracks. This time, we just pulled the train off the tracks and put it on a siding.” Warren Buffett
During their annual shareholders meeting, Berkshire Hathaway Chairman and CEO Warren Buffett explains to shareholders and to the financial markets why the conglomerate sold its entire stake in four U.S. airlines.
During the virtual shareholders meeting, Buffett commented that although he believes that they are “well managed”, “The world has changed for the airlines”, to explain why Berkshire sold its stakes in the “big four” U.S. airline carriers in April.
“Fear is the most contagious disease you can imagine. It makes the virus look like a piker.” Warren Buffett
Airlines are receiving government aid to remain operational amid declines of more than 90% in domestic and international air travel.
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