After more than 70 years of being studied, emulated and critiqued, the world’s richest investor, Warren Buffett, still takes Wall Street by surprise every now and again.

For years, Buffett ignored airline stocks. But, Berkshire Hathaway Inc. ’s Q3 13F filing revealed that the Oracle of Omaha had gone all in on several major U.S. airlines, including Delta Air Lines, Inc. DAL 0.1%, United Continental Holdings Inc UAL 0.62%, American Airlines Group Inc AAL 0.7% and Southwest Airlines Co LUV 1.07%.

Buffett’s stakes in Delta, United and American were taken as of September 30, and his stake in Southwest was taken as of the end of October.

Success So Far

In classic Buffett fashion, Berkshire has nailed the airline trade so far. Since September 30, American, United and Delta stocks are all up 28–40 percent. Southwest is also up 28 percent since the end of October.

After soaring in late 2017, Cowen analyst Helane Becker believes 2017 will be more of a grind for airline stocks. “We believe…

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