Alec Hogg: Buffett defends why he missed Covid bargains
Saturday's Berkshire Hathaway AGM came and went without the usual hype, 5am queuing or anyone having to suffer an overpriced Omaha hotel room. This year's event was switched to Los Angeles to accommodate 97-year-old vice chairman Charlie Munger. Courtesy of Covid-19, was a streaming-only affair.
Buffett took heat from the normally adoring shareholders. Rightly so. The man who tells us be greedy when others are fearful not only missed the March 2020 market selloff, but went the other way: dumping Berkshire's airline stocks, selling banking shares and lightening his stake in Apple Inc – while buying nothing.
Buffett's AGM response: "I don't consider it a great moment in Berkshire's history, but we have more net worth than any company on earth. And I still don't want to own the airline business." Maybe. But the world's greatest investor to not only miss such a great opportunity but sell into it could be raising a flag.
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