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Big picture: Global airlines on a wing and a prayer

Big picture: Global airlines on a wing and a prayer

You would think that someone who has been actively investing for the best part of 80 years would be forgiven the odd misstep. No so, Warren Buffett. In early May, there was almost an element of schadenfreude in the press reaction to news that Berkshire Hathaway had sold its shares in the four largest US airlines after booking a $50bn (£40.3bn) first quarter loss due to a sharp contraction in the paper value of its investments. 

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