Warren Buffett's Tip on Airline and Car Industriesby Warren Buffett
If you'd look at the 1930s, nobody could have predicted how much the automobile and airplane would transform the world. There were 2000 car companies, but now only 3 are left in the U.S. and they are barely hanging on. It was tremendous for society, but horrible for investors. Investors would have had to not only identify the right companies, but also identify the right time. The net wealth creation in airlines since Orville Wright has been next to zero.