Is Buffett’s Berkshire Hathaway Planning To Buy An Airline?

According to 13F filings, Warren Buffett is quite bullish on airlines , dramatically expanding positions in both American Airlines ( AAL ) and Delta Air Lines ( DAL ). He also owns United Continental Holdings ( UAL ) and Southwest ( LUV ), making Berkshire Hathaway ( BRK.A / BRK.B ) a No. 1 or No. 2 holder for each of the Big 4 US airlines. Today, Morgan Stanley's Rajeev Lalwani and his team try to parse the move. He writes that while the majority of investors have dismissed the possibility that the Berkshire stakes are a prelude to a full-scale acquisition of one of the four, he's not so sure the idea should be dismissed so quickly.