Warren Buffett says
“There is no tougher job in corporate America than running an airline: Despite the huge amounts of equity capital that have been injected into it, the industry, in aggregate, has posted a net loss since its birth after Kitty Hawk. Airline managers need brains, guts, and experience—and”
“We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business.”
“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.”
“It takes character to sit with all that cash and to do nothing. I didn't get top where I am by going after mediocre opportunities.”