Unfortunately PCP took another significant hit in February with a major fire at a key manufacturing plant. Supply outages could impact the entire airline manufacturers industry because of the very limited number of suppliers for the kind of parts PCP makes.

reuters.com - Aerospace industry scrambles deal with fallout huge US factory fire

Apologies if this has been reported to the board before.

I thought PCP was a good acquisition at the time. A super Iscar if you will - a highly specialized supplier of key parts based on proprietary technology with limited competition, and thus pricing power. Iluvbabyb covered this well. I can't blame Buffett for the airline industry being hugely impacted by the Covid pandemic.

But I guess anything closely tied to the airline industry is risky - particularly over short periods.

Remember BRK could well have gone belly-up on the OXY financing if the Covid vaccines followed by the Ukraine invasion hadn't restored oil demand. OXY could have easily gone bankrupt with its high debt load.