by Wolf Richter
Wall Street loves conglomerates that are oligopolies or, better yet, monopolies — companies with a “wide and long-lasting moat,” as Buffett said.
Amazon officially announced a deal today that has been consummated months ago: the purchase of 11 aging Boeing 767-300 jets, seven from Delta that it had retired in the second quarter and four from Canadian airline WestJet, to be converted to freighters and enter operations for Amazon Air.
The four WestJet planes, which Amazon today said it had acquired in March, are now undergoing cargo conversion and are expected to enter Amazon Air operations this near. The seven Delta planes will enter operations in 2022.