Somebody once asked how do I make a small fortune? The answer was start with a large fortune and buy an airline!
Regardless of the skepticism there must be something in it given the number of private companies that run airlines. (Forget the Government "flag carriers"). After all an airline does not own anything! Not the aircraft (leased) not the terminals (leased) not the other buildings (HQ and the like all leased). Do they own the air route? In most western countries competition is rife, but bilaterals support the international routes. Perhaps that is where the money is, something where you need a Government licence such as Gambling or Television? Who knows?
Airline shares are rubbish, the only people who seem to make any money are the senior managers. They seem to be in a management pyramid scheme. Buy your way in at the top level and you can make a fortune. In the US you can even go into Chapter 13 bankruptcy, screw the staff pension fund, bring all the people back on lower wages (In Australia you just start a LCC called Jetstar to compete with your mainline staff for wages) and the re-float everything with a massive bonus from the Board! (Who are themselves part of the Boards R'Us club)
Who knows perhaps high speed trains are just the same! Anyway got to go, I have flight to catch and it's the only way I know to be in Sydney for lunch!