Just a few months back, all of these airlines looked like a good bet going forward.
They were making money flying largely full planes and they had global reach collectively.
The virus changed all of that for both these US carriers and every other around the world.
The Sage of Omaha got in when things looked good and got out when the outlook turned very cloudy.
Makes perfect sense.
Even with federal assistance, not all of these airlines are likely to survive and those that do will likely need to avail themselves of a cleansing bath through the Chapter 11 process which kills shareholder equity.
To think that less than five months ago we were traveling on full airplanes at quite reasonable fares without a worry in the world.