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Yahoo BusinessAug 08, 2020
Buffett's Grim View of Air Travel Realized in $10 Billion Charge
(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 reducing and/or cancelling aircraft orders, which is resulting in significant reductions in build rates by aircraft manufacturers and significant inventory reduction initiatives being implemented by PCC's customers."At Berkshire's annual meeting in May, Buffett announced a full reversal on his airline bet, with his conglomerate going from one of the biggest shareholders in all four major U.S. carriers to owning none. A rally in airline shares over the next month had critics including President Donald Trump saying Buffett had erred, but the S&P 500 Airlines index is down 26% since that early June high.Despite those stock sales, the Omaha, Nebraska-based company still had a significant exposure to the air travel slump through Precision, a business it bought more than four years ago in a deal valued at $37.2 billion.Now,

MarketWatchAug 08, 2020
Deep Dive: 20 stocks that investors hate but Wall Street loves as the S&P 500 nears a record high
The rally for U.S. stocks from the March bottom has been remarkable, but most S&P 500 stocks are down for 2020.

MarketWatchAug 07, 2020
NewsWatch: Stock-market expert sees a ‘monstrous' rally taking hold next week, if one recent trend holds
The best start to an August for the stock market in years might get even better, as soon as next week, if the forecast from Thomas Lee, founder of Fundstrat Global Advisors, is to be believed.
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