Even the world-renown investor Warren Buffet couldn’t do anything against the current global pandemic Coronavirus as he sold a major percentage of his shares from the airline industry.
Berkshire Hathaway, Buffet’s investing company has dropped a whopping $400 million in value for the past weeks based on the regulatory fillings last Friday.
The company sell off the 13 million shares of Delta stock (equivalent to $314 million) last April 1 and 2 and previously let go of 2.3 million shares of Southwest (which is worth $74 million).
Airline industry was one of the industries in the world that was significantly affected by the pandemic because countries are on lock down and travel ban restrictions were implemented to avoid the spread of the contagious virus.
Meanwhile, in New York, the epitome of the nation’s pandemic due to the largest number of Coronavirus cases, is also bracing for another wave of decline in the coming weeks.
Banking specifically has dropped by about 40 percent in the first three months of the year where JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley as the most affected companies.
These significant drop in stock prices are great opportunities for other investors to buy cheap prices and gamble to wait for a recession to reap the big reward they dug into.