U.S. airline stocks aren't going to get any love from the Oracle of Omaha.
Warren Buffett announced on Saturday that he had dumped his holdings in the sector due to the coronavirus pandemic.
Buffett said the nearly $8 billion he'd invested in the country's four largest airline stocks had been a "mistake", telling investors at the annual general meeting of his Berkshire Hathaway (BRK.A) - Get Report investment group that that airline business has "changed in a very major way" that will leave carriers more indebted and with fewer commercial passengers and "too many planes."
"We felt our share of the underlying earnings was a billion dollars and we felt that that number was more likely to go up than down over a period of time," Buffett said. "And it turned out I was wrong about that business because of something that was not in any way the fault of four excellent CEOs."
Watch the full video above for Jim Cramer's full take.
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