Warren Buffett makes a bet on U.S. airlines

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Buffett: Wells Fargo is 'a great bank that made a terrible mistake'

Warren Buffett is betting big on U.S. airlines — a surprising reversal from the man who once lambasted the industry’s thirst for cash.

In 2007, he called airlines a “bottomless pit.” But during the third quarter, Buffett’s Berkshire Hathaway took stakes in American Airlines (AAL), United Continental (UAL) and Delta Air Lines (DAL), according to a regulatory filing disclosed Monday.

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