Warren Buffett, CEO of Berkshire Hathaway, arrives at the May 2019 shareholder meeting in Omaha, Nebraska. AFP/File/Johannes EISELE
Buffett also announced Saturday that his company had sold all its stakes in four major US airlines last month, as the pandemic clobbered the travel industry. Between the purchases that took place over months, and the sale, “the airlines business I think changed in a very major way” and could no longer meet Berkshire criteria for profitability, he said.
“But we faced tougher problems, and the American miracles, American magic has always prevailed and it will do so again.” Buffett addressed his shareholders in a livestream flanked only by Gregory Abel, who is in charge of Berkshire’s non-insurance operations.Growth by one measure