To anyone who thinks that the airlines couldn't have seen this coming or avoided catastrophe without a bailout: 1. The airline industry has gotten so concentrated in the past couple of years that Buffett bought into it. Buffett doesn't buy businesses that can't generate returns.
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Replying to @Molson_Hart
Most of Buffett's past mistakes involves planes. He had a private jet company that didn't work out well. One of his original bigger buys into an airline company didn't either. BUT this one seems like a much more opportunity than when he bought into those other ones
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Replying to @Molson_Hart
Looks like I was mistaken: https://finance.yahoo.com/news/warren-buffett-was-right-to-buy-net-jets-132829722.html … I thought I remember from Snowball that it didn't work out well
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Buffet's biggest mistake was buying Dexter Shoes, AFAIK. It got wiped out by Asian manufacturing. Not only did it go bust, but he didn't pay in cash. He paid in stock!
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