In December 2019, Warren Buffett sold his company’s interests in four airlines. In doing so, he avoided the avalanche that hit the tourism industry two months later.

Hosken Consolidated Investments (HCI) had “no such brilliance”, says CEO Johnny Copelyn. The investment group, whose main assets are hotels and casinos, has been “lambasted by the Covid-19 tsunami” and is forced to give up the gains it has made in the past 15 years, Copelyn says in its annual report published last week...

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