$Novo Nordisk AS(NVO.US)

😂😂Buffett once said, "Even excellent companies may be worth selling due to valuation bubbles, industry changes, or opportunity costs." Here are major practical examples of Buffett's stock sales of "excellent companies":

😁😁Selling airline stocks (2020): At the beginning of the pandemic, Buffett completely liquidated all U.S. major airline stocks held by Berkshire Hathaway, including Southwest Airlines (widely regarded as a well-managed and operationally efficient "excellent company"), Delta, American, and United. The total value exceeded $4 billion. Reasons included the capital-intensive nature of the industry, low profit margins, pandemic-induced debt surges and equity dilution, and his judgment about the uncertainty of the airline industry's future, believing that "the world has changed." Although these companies (e.g., Southwest Airlines) had performed well historically, selling them avoided greater potential losses—airline stocks plummeted further in 2020. Although the stocks partially recovered later, Buffett's decision was seen as a timely stop-loss, avoiding continued holding in an uncertain environment.