PHOTO: Warren Buffett's Berkshire Hathaway has rejected the idea of buying a major airline. (Photo via Flickr/Fortune Live Media)
The rumor mill that had Berkshire Hathaway investment guru and billionaire Warren Buffett on the precipice of buying a U.S.-based airline has been rebuffed.
Yahoo! Finance reported that Buffett rejected the idea of Berkshire owning an airline outright.
Much of the rumors were fueled by Buffett himself – not so much rooted in fact but in a philosophical change in investment strategy. For decades Buffett has been a staunch critic of the industry and has steadfastly avoided investments in aviation.
But in November, and again in June, Berkshire Hathaway invested a combined $9 billion in several airlines, including American, Delta, United and Southwest.
READ MORE: Is Warren Buffett Poised To Acquire An Airline?
Like any good businessman, Buffett decided to get in when the getting was good. The airlines have been on a streak stretching at least three years now of record-setting growth.
That also added to the rumor mill, until finally Buffett said he was unlikely to make substantial additions to the $9 billion he already invested, and would not own more than 10 percent of any airline stock.
Apparently, Buffett has been tracking the industry for a long time.
A long time.
“It’s true that the airlines had a bad 20th century. They're like the Chicago Cubs. And they got that bad century out of the way, I hope," Buffett said with a laugh Monday on CNBC's "Squawk Box." "The hope is they will keep orders in reasonable relationship to potential demand."