The famous oracle of Omaha, legendary investor Warren Buffett, recently shocked everyone when his investment firm Berkshire Hathaway declared the sale of airline stocks. Because of the pandemic, many airline companies like United Airline, American Airline, Southwest Airlines reported vast numbers of losses. Buffett, to stop the temporary losses, sold the majority of its stock from the airline industry. However, on Thursday, this sector rose on the wall street after the labour department revealed the number of low unemployment. The reopening of the economy by the Trump administration has given the right amount of benefit to the airline industry, and that’s why these company stocks went up significantly.
Trump now said even the legendary investor like Warren Buffett also made a mistake during this pandemic situation. He said Warren Buffett shouldn’t have sold his stake in the airline industry and should have kept some patience since the latest positive trend benefited this sector a lot. Trump said he has great respect for legendary investor Warren Buffet, but even he also made mistakes. In the last annual meeting of Berkshire Hathaway, Buffett revealed his company sold more than $6 billion worth of airline stock, because of which this sector started to go down.
The investors went into a panic, and now after getting the latest report from the labour department of unemployment slowing down, investors felt good. Buffett who while selling these stocks said he is looking for lots of trouble for this industry since carriers service has stopped. But, now the carrier services have resumed, and big airline companies are aiming to come back on the regular business again in just a few months. Buffett hasn’t given any immediate comment about Trump saying how he failed to predict the outcome for which he is famous.