(Bloomberg) — Warren Buffett’s dire airline predictions have hit close to home.After dumping his stakes in airlines earlier this year with a warning that the pandemic had unleashed fundamental change on that business, Buffett’s own Berkshire Hathaway Inc. took a roughly $10 billion impairment charge tied to Precision Castparts, its massive maker of plane parts. A vaccine may be the only remedy for the pandemic’s “particularly severe” impact on the aerospace market, Berkshire said.“The Covid-19 pandemic produced material declines in commercial air travel during the second quarter,” Berkshire said Saturday in a regulatory filing discussing second-quarter results. “Airlines responded by …read more
Source:: Yahoo Finance
