Berkshire Hathaway Chairman Warren Buffett spoke from the company's annual shareholder meeting in Omaha, Nebraska.
said that the conglomerate has sold the entirety of its equity position in the U.S. airline industry. The prior stake, worth a collective several billion dollars, included United, American, Southwest and Delta Airlines.
"The world has changed for the airlines. And I don't know how it's changed and I hope it corrects itself in a reasonably prompt way," he said. "I don't know if Americans have now changed their habits or will change their habits because of the extended period." But "I think there are certain industries, and unfortunately, I think that the airline industry, among others, that are really hurt by a forced shutdown by events that are far beyond our control," he added.of its airline holdings, Buffett answered "yes."
He explained: "When we sell something, very often it's going to be our entire stake. We don't trim positions."that showed Buffett and his lieutenants built up the conglomerate's cash stockpile and only nibbled at equities during the violent stock market rout in March. The company posted a record $137 billion in cash and equivalent funds on its balance sheet by March 31, which represents a $10 billion addition from the $127 billion it reported at the end of 2019. It also reported aThe company spent just $1.8 billion buying stocks and just $1.7 billion repurchasingshares during the first quarter of 2020.
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