The most all-in bettor on airlines by far, and proportionally the biggest institutional loser from the selloff: Boston hedge fund PAR Capital Management. Led by former airline analyst Paul A. Reeder III, if its positions haven’t changed since year-end disclosures, 40.5% of its $3 billion in assets would be in U.S. airlines. Its exposure to the battered travel sector runs deeper, with reported positions in the online travel sites Expedia, TripAdvisor and Trivago, and Hertz and Avis rental cars.
The wealthiest chieftain of a public U.S. airline, Allegiant founder Maurice Gallagher, has seen his stake in the ultra-low-cost carrier slide to $286 million after a 38.6% decline in its shares., the billionaire founder of Indian discount airline IndiGo, has had his fortune cut to $2.3 billion as shares of his holding company InterGlobe Aviation have fallen 28.3% over the past month.
A 34.3% slide in Ryanair shares on the London Stock Exchange cut the value of CEO Michael O’Leary’s stake to $531 million as of Thursday’s close. With American Airline shares dropping 55.3%, the biggest decline among U.S. airlines, CEO William Parker’s holdings have fallen in value to $33.9 million. With many analysts expecting a v-shaped recovery in passenger numbers when the coronavirus pandemic ends, as occurred after the 2003 SARS epidemic, investors might be tempted to bottom fish. That’s what Buffett’s Berkshire Hathaway did in late February, picking up another 976,000 shares in the most profitable airline in the business, Delta.
Now make a list of all the retail investors losing their shirts.
Should have saved that money when they were doing well. Hope they didn’t spend all those tax breaks and subsidies on private islands & yachts... They pay almost zero in taxes when times are good n then I’m supposed to care when things are bad. CEOs may have to take a pay cut...
Buy low.
The ones who have been hit the hardest are the people that lost their lives and the lives of their loved ones! Make no mistake about that! Covid_19
“Hit the hardest” how bout the pilots, ground control, check in and flight attendants who don’t have hoarded wealth to fall back in?
Wow! Time for the fortunate world leaders to contribute meaningfully.
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