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  • The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here 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.

    Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.110, John Wiley & Sons
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