Warren Buffett’s New Investment Is Something He Called A “Death Trap” Previously

Warren Buffett’s Berkshire Hathaway just poured more than $8 billion into the airline industry this week.

His company said it had raised its stakes in Delta Air Lines and American Airlines and taken a new position in Southwest Airlines.

According to a regulatory filing, Buffett purchased $2.2 billion in shares of Southwest. He now owns around $2 billion of American, United Airlines, and Delta.

Back in 2013 at his company’s annual meeting, he had called the airline industry a “death trap for investors.”

Given the fact that crude oil is now half the cost of what it was in 2013, this could mean some big things for the airline industry, especially as American, United, Delta, and Southwest had record profits over the last two years.