'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 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 AAL, United Airlines Holdings Inc UAL and Southwest Airlines Co. LUV.

Below are a few quick reactions:

Highlight: Buffett on why he sold $6B in airline stock: "I just decided that I made a mistake in valuing... The companies we bought were well-managed... I don't know whether two or three years from now that as many people will fly as many passenger miles as they did." #YFBuffett pic.twitter.com/Whw28DrURN

— Yahoo Finance (@YahooFinance) May 2, 2020

BREAKING: Warren Buffett says his views on the airlines has changed because of COVID-19. "I don't know that 3-4 years from now people will fly as many passenger miles as they did last year .... you've got too many planes."

— Becky Quick (@BeckyQuick) May 2, 2020

Buffett said he's looking forward to flying again. "I may not fly commercial but that's another question," he added. Oof. That comment won't go over well at a time when millions probably can't afford coach tickets because they have been laid off.

— Paul R. La Monica (@LaMonicaBuzz) May 2, 2020

Buffet just revealed that after having bought approx 10% of the 4 major airlines he sold it all in April at a loss because he thinks their business has dramatically changed #YFBuffett

— Tre' Evers (@everstre) May 2, 2020

"The airline business changed in a very major way. The future is much less clear to me about how the business will turn out...It’s a very difficult business. I look forward to flying. I may not fly commercial but that's another question" -Warren Buffett #YFBuffett

— Heidi Chung (@heidi_chung) May 2, 2020