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On Dumping Aviation Stocks, Trump Says Even Buffett Makes Mistakes

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Addressing the news conference on Friday on the US adding 2.5 million jobs in May, that caused a surge in American stock markets, President Donald Trump called out on billionaire investor and Berkshire Hathaway boss Buffett saying he made a mistake when he exited out of aviation stocks.

On Dumping Aviation Stocks, Trump Says Even Buffett Makes Mistakes
 

"Warren Buffett sold airlines a little while ago," Trump said. "He's been right his whole life, but sometimes even someone like Warren Buffett - I have a lot of respect for him - they make mistakes."

"They should have kept the airline stocks, because the airline stocks went through the roof today."

In April, as most countries in the world were locked down to curb the spread of novel coronavirus, Buffett's Berkshire Hathaway completely exited from its 8 to 11 percent stake in the "big four" US carriers - American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines, warning that the "world has changed" for the aviation industry because of the coronavirus crisis.

Shares of these airlines advanced 25 to 90 percent this week as opening up the economy would benefit these businesses.

Further, the USA's latest Bureau of Labor Statistics data on Friday showed that the US economy added 2.5 million jobs in May, significantly stronger-than-expected results when economists had forecasted job losses. This positive sentiment helped the US markets recover sharply, with the tech-heavy Nasdaq index hitting a new record high. The Dow Jones Industrial Average was up 3.2 percent, while the S&P 500 rose 2.6 percent on Friday.

Story first published: Saturday, June 6, 2020, 11:54 [IST]
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