Berkshire sold all its airline stocks because of the coronavirus

Berkshire Hathaway Chairman and billionaire value investor Warren Buffett said that the conglomerate has sold the entirety of its position in the U.S. airline industry. The prior stake, worth north of $4 billion dollars, included positions in United, American, Southwest and Delta Airlines. He said that the world has changed for the airlines and he does not know how it’s changed.

Buffett said he admires the airlines, but that sometimes there are events like the coronavirus “on the lower levels of probabilities” that necessitate a quick change. He added: “When we sell something, very often it’s going to be our entire stake: We don’t trim positions.”

Source: CNBC