There were plenty of value plays during this drop but two things:
First, the market rebounded very fast off the March low. In 2008-2009, the news was bad every week giving Berkshire time to make deals. Not so much though in 2020 to deploy that $137 billion in cash since the crash that began in March was over less than a month later.
Second, investors should stray from industries that they believe will need a bailout. This is one reason why Buffet dumped airlines. The industry will be changed for the foreseeable future. Why be involved in a company that is dependent on politicians looking to pull the strings? I would classify cruise lines in here along with some oil producers, maybe even movie theaters and some brick & mortar retailers.
FAANG stocks have heavy lobbying to fight off government interference and surely do not need government assistance. It's no wonder they continue to lead the charge.
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