Warren Buffett takes a flyer on airline stocks
NEW YORK - Warren Buffett is changing his mind about airlines and buying stakes in several major carriers including American Air Lines (AAL) and Delta Air Lines (DAL).
The billionaire investor has famously avoided the sector in the past, although his Berkshire Hathaway (BRK.A) does own NetJets, which sells partial ownership interests in business jets.
Buffett disclosed the new investments, which also include United Continental Holdings (UAL), Monday in filings with the Securities and Exchange Commission.
Berkshire Hathaway, based in Omaha, Nebraska, already owns more than 90 subsidiaries, including clothing, furniture and jewelry firms. It also has major investments in such companies as Coca-Cola (KO) and Wells Fargo (WFC).
Shares of the three carriers edged higher in after-hours trading.