However, the billionaire said he hasn't seen anything attractive yet. "This time we just pulled the train off the tracks and put it on a siding".
Mr Buffett said he had been considering investing in additional airlines before the pandemic hit.
A year earlier, the conglomerate reported profits of US$15.5 billion. The investment firm repurchased $1.7 billion of its own stock in the first quarter, but that was less than the prior quarter.
Ines covers the USA stock market from the floor of the New York Exchange.
Warren Buffett's Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of almost $50 billion on Saturday and saying performance is suffering in several major operating businesses. Performance is suffering in several major operating businesses.
The brutal drop in the net - to a loss of $49.75 billion from a profit a year ago of $21.7 billion - resulted primarily from the virus-related decline in value of its broad investment portfolio, which ranges from energy to transport to insurance and technology. That's down from last year's profit of $21.66 billion, or $13,209 per Class A share. Its stock price has fallen 19% in 2020, compared with a 12% drop in the Standard & Poor's 500, despite Buffett's prediction that Berkshire would outperform in down markets.
In the first quarter, many Berkshire stock investments fared worse than the S&P, including American Express, Bank of America, Wells Fargo and the four airlines.
Berkshire sold its entire stakes in the four largest US airlines in April, as Buffett said at the meeting that he made an "understandable mistake", and "the world has changed" for the aviation industry.
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But it won't be in U.S. airlines, after Buffett confirmed that Berkshire in April sold its "entire positions" in the four largest: American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Airlines Holdings Inc.
The firm began investing in the four airlines in 2016, after avoiding the aviation industry for years.
"We made that decision in terms of the airline business".
Warren Buffett said on Saturday gave an upbeat assessment of the United States' ability to withstand crises, even as he acknowledged that the coronavirus pandemic could have a wide range of impacts on the economy.
Buffett said Munger is in "fine shape" and looking forward to attending Berkshire's 2021 annual meeting.
"I do feel I owe a huge debt of gratitude to Dr. Fauci for educating and informing me- actually along with my friend Bill Gates, too - and I know I get it from a straight-shooter when I get it from either one of those", said Buffett.
Vice Chairman Ajit Jain, 68, who oversees Berkshire's insurance businesses and is also considered a possible CEO candidate, was also absent from the meeting.