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Seven Days: 7 May 2020

Seven Days: 7 May 2020

Buffett exits airlines

Hit by restrictions

Warren Buffett’s investment company Berkshire Hathaway has offloaded all of its shares in the US’s four largest airlines – Delta (US:DYAL), American (US:AAL), Southwest (LUV) and United (UAL). Mr Buffett relayed this to shareholders via a virtual annual meeting, explaining that “the world has changed for the airlines”. He added that “I hope it corrects itself in a reasonably prompt way” – but also that he could not gauge whether consumers would now have changed their habits. Airlines are among the sectors that have been most hurt by lockdowns and travel restrictions across the globe.  

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