If feel like my entire life, I dealt with sheep following and group think. This is so true when it comes to investing. Until this weekend, it was a great idea to buy the airline stocks.

I mean why wouldn’t you buy them? They are fantastic businesses. They are swimming in debt. They have almost zero revenues for who knows however long. They burn about $50 million per day. Of course, it is a good idea to buy them.

They are a complete no-brainer until Warren Buffett spoke. During the Berkshire Hathaway annual meeting, Buffett told his congregation why he sold the airlines.

As a result, the airline stocks were down sharply today.

Disclosure: I would not buy airlines in good or bad economy.