1/ Charlie Munger: "If it’s a pure commodity like airline seats, you can understand why no one makes any money. As we sit here, just think of what airlines have given to the world—safe travel, greater experience, time with your loved ones, you name it." ritholtz.com/2012/02/a-less…
2/ "Yet, the net amount of money that’s been made by the shareholders of airlines since Kitty Hawk, is now a substantial negative figure."
“There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money." Munger
“There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money." Munger
3/ "In a business that’s still going to be lousy. The money still won’t come to you. All of the advantages from great improvements flow through to the customers.”
The great lesson is to discriminate between when technology is going to help you and when it’s going to kill you."
The great lesson is to discriminate between when technology is going to help you and when it’s going to kill you."
4/ Since people keep asking me, I disagreed with Buffett on airlines at the time he reinvested. My public disagreement is in my Twitter feed (e.g. below). I also wrote this on airlines: 25iq.com/2016/01/16/mor…… I also publicly disagreed with him on IBM (also on TWTR). 
5/ What's changed from a couple decades ago to now about airlines?
Munger: "It is much more concentrated now and there’s no real substitute for it. It isn’t like we have a substitute for air travel and it’s down to a relatively few players." April 2019 novelinvestor.com/charlie-munger…
Munger: "It is much more concentrated now and there’s no real substitute for it. It isn’t like we have a substitute for air travel and it’s down to a relatively few players." April 2019 novelinvestor.com/charlie-munger…
6/ Charlie Munger: "I don’t know anything about individual airlines. Neither does Warren. We bought a bunch. It was a sector bet. It’s not a bet on an individual airline."novelinvestor.com/charlie-munger…
"In 50 years of reading Barron’s I have found one investment opportunity." Patience.
"In 50 years of reading Barron’s I have found one investment opportunity." Patience.
