TOPLINE
Billionaire investor Warren Buffett, chairman of Berkshire Hathaway, told shareholders on Saturday that he had sold all of the company airline stocks, admitting that he had made a mistake and that coronavirus had changed the business in a “ very major way. ”
Crucial quote
“When we bought [airlines], we were getting an attractive amount for our money, ”Buffett said. “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. ”
Big number: $ 6.5 billion
That’s the value of stocks sold by Berkshire in the month of April. . Buffett’s conglomerate only bought $ million worth of equities during that period. “We did very little in the first quarter,” he admitted. “That isn’t because we thought the stock market was going to go down,” he explained. “I just decided that I’d made a mistake [with airlines].”
background
Berkshire Hathaway reported a massive net loss of nearly $ (billion) in the first quarter The coronavirus market sell-off that occurred in late February and through most of March took a significant toll on the company’s businesses. Buffett’s cash pile rose from $ (billion to $) 3 billion, as the Oracle of Omaha continues to look for an elephant-sized acquisition.
Further reading
The U.S. Economy Will Beat Coronavirus, Buffett Says: ‘Never Bet Against America’
Berkshire Hathaway Lost $ 137 Billion Last Quarter As Warren Buffett’s Investments Took A Hit From Coronavirus (Forbes)
What Is Warren Buffett Up To ? Berkshire Swooped In During , But What’s Its Power Play For (Forbes)
Stocks Had Their Best Month In (Years, But Here’s Why Experts Are Skeptical ( (Forbes)
(Full coverage and live updates on the Coronavirus)
(Read More) Full coverage and live updates on the Coronavirus (Covid – )
GIPHY App Key not set. Please check settings