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" ... And, oh yeah, there’s another huge problem that’ll need to be dealt with later this year. Eventually the approximately 60,000 or so industry jobs that now are being preserved by Congress’ kindness/political motivations will have to be dealt with definitively. Those workers, through no fault of their own, either will have to become quasi-permanent “wards” of a federal government that will continue paying their wages until demand recovers enough for the airlines to actually make real use of them, or the government money with which they’re being paid - now through March - will have to be cut off. ... "
" ... How a company uses its cash is also very important. Buffett has long been an advocate for shareholders, criticizing CEOs for not being good wards of corporate cash. In this year's letter, he pointed out that Berkshire only spent $301,363 on equipping the home office, an amount that includes the Coke dispenser. He also, however, emphasized how critical it is to ensure that a company turns every dollar of retained earnings into two-dollar bills, not 50-cent pieces. ... "
" ... Many residents were “deployed” to work in understaffed Covid-19 wards, taking care of patients they normally would not have been exposed to. Imagine dermatology residents taking care of patient’s lung problems, and OB/GYNs taking care of patient’s intubations. The issue is not about patients’ risk, as supervision is available to those who needed help managing patients. More importantly, what’s troublesome is the lack of autonomy. If a physician signed up for a neurosurgery residency, should they be required to put themselves at higher risk for catching Covid-19 by being “deployed” to another hospital service? ... "
" ... The decline in U.S. production decline is irreversible because rig counts are only about 25% of what is needed to maintain 2019 output levels. There will be massive consolidation of E&P companies that were financial zombies before Covid-19. Many of these will likely become wards of the United States government. ... "
" ... Three, the global COVID-19 response will likely result in diversion of healthcare workforce and resources away from routine TB services, or reduction in the number of health workers because of illness and self-isolation. TB wards could become COVID wards. ... "