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There are 3 quotes matching Warren Buffett in the collection:
As of 1992, in fact—though the picture would have improved since then—the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.
Sizing all this up, I like to think that if I’d been at Kitty Hawk in 1903 when Orville Wright took off, I would have been farsighted enough, and public-spirited enough—I owed this to future capitalists—to shoot him down. I mean, Karl Marx couldn't have done as much damage to capitalists as Orville did.
Warren Buffett
Billionaire investor, interview in Fortune magazine, 22 November 1999.
The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.
Warren Buffett
Annual letter to Berkshire Hathaway shareholders, February 2008. The next paragraph continued:
“The airline industry’s demand for capital ever since that first flight has been insatiable. Investors have poured money into a bottomless pit.”
I think this is a great business, it makes a great contribution to the world, but I don’t think it’s an investable business.
Robert 'Bob' Crandall
Former CEO American Airlines. Interview on CNBC TV after coronavirus hit and Warren Buffett sold all his stakes in airlines. 4 May 2020.
See seven other Robert 'Bob' Crandall great aviation quotes.
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