I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com
Billionaire investor Warren Buffett, chairman of Berkshire Hathaway, told shareholders on Saturday that he had sold all of the company’s airline stocks, admitting that he had made a mistake and that coronavirus had changed the business in a “very major way.”Buffett confirmed that he had sold all of his stakes in the four largest U.S.
“It turned out I was wrong,” the Oracle of Omaha said, adding that he’d made an “understandable mistake” given the unforeseen downturn in the industry. “I don’t know that three, four years from now people will fly as many passenger miles as they did last year,” Buffett warned. “You’ve got too many planes.”“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.”That’s the value of stocks sold by Berkshire in the month of April.
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