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Bloomberg
Warren Buffett said Berkshire Hathaway Inc’s investment in Delta Air Lines Inc rose above his comfort threshold by mistake.
The stake climbed when Delta bought back its own stock and Berkshire increased its holdings, according to regulatory filings this month.
“What I didn’t realise was that that purchase had taken us over 10 percent,†Buffett said in an interview with CNBC.
“I was already in territory I didn’t plan to get, so I just decided to buy a whole lot more stock.â€
Buffett spurned the airline industry for years after what he acknowledged was a bad bet on US Airways Group Inc in 1989. But he’s been piling into airline stocks since 2016, buying up stakes in Delta, Southwest Airlines Co, American Airlines Group Inc and United Continental Holdings Inc.