On Investing in Aviation,
"Warren Buffett, . . . swore off investing in airlines after almost getting cleaned out in U.S. Air during the 1990s. The sector is a "bottomless pit'' that sucks up capital and produces meager profits in return, he told shareholders in his 2007 investor letter: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."
https://www.bloomberg.com/gadfly/art...uying-airlines