The Guardian reported that billionaire investor Warren Buffett has sold his firm's entire holdings in the four major US airlines.
Speaking at the annual (online) meeting of his company, Berkshire Hathaway, Buffett, aged 89, said that "the world has changed" adding that he expected things to get worse on the stock markets before they got better.
In the 2008 recession, Buffett provided a measure of financial support for markets when he bought shares in Goldman Sachs, but this time he admitted that he hadn't done the same, as he saw nothing "attractive" enough to tempt him. "We made that decision in terms of the airline business. We took money out of the business basically even at a substantial loss," Buffett said at the meeting. "We will not fund a company…where we think that it is going to chew up money in the future.”
The Guardian noted that Berkshire Hathaway had held an 11% stake in Delta Air Lines, 10% of American Airlines, 10% of Southwest Airlines and 9% of United Airlines at the end of 2019, according to its annual report and company filings.
In 2018 Buffett, who made Israeli tool company ISCAR Metalworks his first major overseas acquisition in 2006, spoke warmly of the Jewish state, noting, “I’ve lived through Israel’s entire 70-year history and I believe it is one of the most remarkable countries in the world.” He emphasized, “I’m delighted to own Israel bonds.”
When asked why he remains committed to Israel and the Bonds institution, Buffett stated, "I have nothing but good feelings about what I am doing. The United States and Israel will always be linked. It is a good thing for Israel that there is an America, and it is a good thing for America that there is an Israel."
Finance Ministry Director General Shai Babad, in citing positive economic markers for Israel including record foreign investment, low unemployment and consistent GDP growth, said at the time, "We just don’t see you as investors, we see you as great friends of Israel."