Investment guru Warren Buffett’s investment miscues are drawing the attention of President Donald Trump, who pointed to Buffett at the White House for dumping airline stocks before their recent surge.
Berkshire Hathaway's founder has attracted criticism for failing to make the elephant size acquisition; he has been planning to make for a while, despite the widespread carnage and equally fast recovery seen in the equities due to the coronavirus pandemic.
Buffett's decision to sell Berkshire's entire airline portfolio has also been questioned by his disciples and other market participants alike. The latest in the list of recent critics is c Donald Trump.
"Warren Buffett sold airlines a little while ago,” Trump said at the White House on June 5. “He’s been right his whole life, but sometimes even somebody like Warren Buffett—I have a lot of respect for him—make mistakes. They should have kept the airline stocks because the airline stocks went through the roof today,” Trump added.
Late last month, Buffet's long time admirer Bill Ackman, the founder of Pershing Square Capital, dumped the firm's $1 billion worth of stake in Berkshire Hathaway saying his hedge fund can seize opportunities in the market faster than the conglomerate.
"The one advantage we have versus Berkshire is relative scale. We can be much more nimble." Ackman said.
In mid-March, the billionaire investor went on a buying spree proclaiming that Pershing had taken off all the hedges placed to offset the effects of the coronavirus.
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