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'I Was Wrong': Warren Buffett's Berkshire Hathaway Sold $6B Of Airline Stock In April

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'I Was Wrong': Warren Buffett's Berkshire Hathaway Sold $6B Of Airline Stock In April

Warren Buffett made a big admission on Saturday evening: He was wrong about airlines.

Buffett said Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B) net sold $6.5 billion of securities, including all of its airline stock holdings, in April.

"Not because we thought the stock market was going to go down," Buffett said at the annual shareholder meeting. "I just decided that I'd made a mistake...in investing in the airlines business."

Berkshire Hathaway was one of the largest shareholders of several airlines, and had dramatically boosted its holdings in Delta Air Lines, Inc (NYSE: DAL) after the coronavirus pandemic started. That fueled some speculation Buffett could step in again with major investments in one or more of the airlines, or possibly even buy one.

See Also: Warren Buffett Praises Fauci After Berkshire Hathaway Posts Record Loss Amid Coronavirus Pandemic

"It's a very difficult business," he said Saturday. "The future is much less clear to me how the business will turn out."

Berkshire also owned significant stakes in American Airlines Group Inc (NYSE: AAL), United Airlines Holdings Inc (NYSE: UAL) and Southwest Airlines Co. (NYSE: LUV).

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